The International Energy Agency (IEA), OPEC and the U.S. Energy Information Administration (EIA), have consistently and seriously underestimated U.S. oil production, and hence non-OPEC supply, since the Shale Oil Revolution took off in earnest early this decade. Forecasters at these major oil organizations simply do not understand that we are in a new age of rapid technological advancement and innovation. This new age has been pushing down the cost of U.S. light tight oil (LTO) faster and lower than expected, expanding ultimate recoverable resource and so-called sweet spots, and pushing U.S. oil production – both crude and NGLs – substantially higher at lower than anticipated prices. The Ultimate Resource For Energy Professionals Do you want an inside look at what’s really happening in energy markets? Learn More At the same time, this new technological age – the second machine age – is likely to lead to peak oil demand […]