RE:IEA Medium Term Oil Market reportUS Shale needs about 1,500 rigs running just to stand still.
They will be below 500 rigs by Friday. Given the half life of the typical shale well their output can do nothing but crash over the next year.
And that is just US shale. Drilling has capitulated in many other regions, the numbers speak for themselves.
What the report is saying is wrong. There is no chance of supply and demand being balanced in 2017.
Doug