Nov. 18 Bloomberg — U.S. shale oil production that’s expected to push the country’s output to near 9 million barrels a day by the end of this year will slow down if prices continue to fall, EIA Administrator Adam Sieminski said.The head of the Energy Information Administration said at the Deloitte Oil & Gas Conference in Houston that U.S. shale production growth may stall if global oil prices slide to $60 a barrel. Sieminski said it may take a year at the lower price point for the growth curve to flatten.“Somebody is going to have to cut production,” Sieminski said. “There’s too much oil around relative to demand.”West Texas Intermediate and Brent crude prices dropped as investors weighed the possibility that the Organization of Petroleum Exporting Countries will agree to cut oil output next week. Futures declined as much as 1.6 percent in New York and 1.2 percent in London. Oil has slumped into a bear market as the U.S. pumps at the fastest pace in more than three decades and growth in demand slows.It’s within the “realm of possibility” that oil prices may fall to $50 a barrel, Sieminski said. The low end of most analysts’ models is that WTI will fall to $62 a barrel by the middle of next year, Sieminski said in a question-and-answer session with reporters after his speech.
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