Darling said sustained crude prices of $50 a barrel in the second half of 2017 will aid U.S. shale growth of 200,000 barrels a day while the jump will be at 600,000 barrels a day if crude prices move up to $60 a barrel. Any further rise may even see shale production growth breaching 1 million barrels a day, he added.
Rival Goldman Sachs noted Thursday U.S. shale activity has already picked up strongly, with the horizontal oil rig count at a 13-month high, and it expect U.S. shale producers to continue to ramp up activity at current price levels.
JPMorgan's forecast for Brent crude averages $58 a barrel in 2017 with prices sliding to $55 in the fourth quarter as shale production starts to impact the market.
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