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US production of light tight oil production had peaked and was expected to decline by 400,000 barrels per day (bpd) in 2016, he added, tightening supplies further.
The IEA anticipates that a significant portion of this will be due to declines in US light tight oil production (LTO) i.
The crude surplus is not expected to significantly unwind until early to mid-2016 when non-OPEC crude oil production, primarily US light tight oil (LTO) output (shale oil) begins to feel the effects of sharp cuts in capital spending, and actually decline.
Unconventional oil, or light tight oil, comes from oil-laden shale, requiring vertical and horizontal drilling, and hydraulic fracturing - "fracking.
Maximum cost estimates for more expensive unconventional oil range from $70 per barrel (for CO2-based enhanced oil recovery) to $90 (for extra-heavy oil and ultra-deep oil), while that for light tight oil (LTO), kerogen-based oil, gas-to-liquids (GTL) and coal-to-liquids (CTL) has been put at $100," he says, citing updated IEA data.
US light tight oil, mostly from North Dakota and Texas, as well as Canadian bitumen, represent well over half of 2014 non-Opec supply growth, the IEA said.
The uprising of light tight oil in the US will play a major role in meeting global demand growth over the next decade.
Unconventional hydrocarbons, such as shale gas, light tight oil, and oil sands, are dramatically increasing the size of the continent's energy reserves.
It has developed an internal team dedicated to function in the shale and light tight oil formation category.
For unconventional resources, North America will remain the centre of activity with light tight oil being the primary objective.
goes on to report that last year, the IEA said US production of light tight oil from shale formations was "a game-changer in the making".
North American light tight oil production and NGLs, as well as increasing production in Latin America, offset declines elsewhere, supporting an expected 0.