Tight oil has taken a front seat in terms of global oil production and activity growth ever since the so-called shale revolution that kicked off in earnest at the beginning of the last decade – but this year has seen the beginning of a change in this trend. With US tight oil investments expected to decline by about 10% in 2024 compared to last year, US production is only forecast to grow around 400,000 barrels per day (bpd) this year and next – the lowest level of growth for the sector since the Covid-19 pandemic-affected years of 2020 and 2021. At the same time, investments in the offshore sector on the rise and are seen growing around 5% both this year and next.
