Following a deadlock in OPEC+ negotiations at the July 2021 meeting, oil prices briefly rose above $75 per barrel at the prospect of the alliance keeping output stable from August onwards, with producers in theory honoring their commitment to the original deal until a new way forward is agreed. As global oil demand is set to grow significantly, such a development would lead to a production deficit and Rystad Energy examined whether or not US shale can rise to the occasion and fill the imminent supply gap. During the busy summer season global demand for oil typically rises, and as countries loosen lockdowns and reopen, the demand push also increases the “call on OPEC+”, or the number of barrels the oil market would require from OPEC+ producers to be at a theoretical perfect equilibrium, meaning inventories neither draw nor build. For August, Rystad Energy forecasts that the global market […]