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Shale oil production in the US needs another Russia in 7 years to prevent supply shortages.
Driven by industry, aerospace and petrochemical industry, the demand for crude oil will be very stable in the coming year.
However, the number of newly approved drilling projects in Saudi Arabia and Russia is very small, and the market is expected to continue to tighten this year.
Although some believe that American shale oil can fill the gap, it will actually add 10 million barrels a day by 2025.
In other words, the United States needs to increase the output of Russia, and the probability of obvious occurrence is very small.
The annual World Energy Outlook released by the U.S. Energy Information Agency predicts that energy demand will increase by more than a quarter in 2017-2040. If energy efficiency is not improved, this figure will be two times.
Recent concerns about oversupply have hit crude oil hard, with U.S. crude and Brent crude oil falling by more than 20% since early October.
Fatih Birol, executive director of the U.S. Energy Information Agency, said it was good for crude oil to remain at a low level. Even from the point of view of oil producers, the continued rise in crude oil posed a huge challenge to economic development.