Texas Oil Explorers Say Predictions of Growth Contradict Dire Reality
- ‘They’re usually wrong,’ shale CEO says of IEA outlook
- Wary energy investors unwilling to fund growth at all costs
Operations in in the Permian basin outside of Midland, Texas.
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Texas wildcatters, after years eye-rolling at shale skeptics, are now saying global analysts are underestimating just how severe the industry’s slowdown is.
What’s ticking folks off these days is how the International Energy Agency in Paris and the Energy Information Administration in Washington still predict robust U.S. production growth next year, despite the dire reality on the ground. The IEA expects an increase of 900,000 barrels a day, while the EIA forecasts 1 million, which would mean practically replicating this year’s expansion.