It was reported that the US' shale oil production continued to grow and was expected to offset global production problems in the coming months. The recent development of demand has greatly affected the pace of the energy market. Investors continued to pay attention to the rising trade war between the US and China, and the financial crisis in Turkey and the US dollar have risen.
However, market participants pointed out that the US shale oil might be the most important supply factor, but it has not received the attention it deserved. According to a research reported by Longview Economics analyst Harry Colvin, in the next five years, the global crude oil supply would be in short supply of 5.3 million barrels per day if there was no US crude oil production. Since the US crude oil production was not determined by politics, and no oil fields were old, the US production would fill in most of the supply gap.
