Cartoon Of the Week
The world basically adores America's money; we can print the stuff faster than anybody in history. We provide financial aid to almost everyone on the planet in some form or fashion and protect other people's oil with our military. Money in America is currently buying lots of shale oil, so much of the stinkin' stuff we have to export it around the world to whomever will take it. And it's cheap. If you are in the global community, what's not to like about that? OPEC loves it. It means it can save its oil for higher prices in the future.
So, the IEA thinks earth will NEVER run out of oil and likes to talk American shale oil up as much as possible, as often as possible; doing so keeps prices low and people tethered. The International Energy Agency could care less how much debt the US shale oil industry takes on as long as it keeps delivering the goods.
Currently the rig count is going down, as soon as this Iran mess is sorted out oil prices will slide down, down, down; available capital is going down and out, the Eagle Ford is on the express elevator down, the Bakken will be headed down shortly and well productivity in the Permian Basin is trending slowly down, down, down. So how in the hell does the IEA see US output going...up?
Meet The Estimators, here on Oily Stuff