Upstream investment in crude oil and liquids production is highly sensitive to crude oil prices, particularly production of higher-cost resources from tight rock formations, oil sands, and offshore deepwater. In EIA’s “International Energy Outlook 2017” (IEO2017) Reference case, increasing crude oil prices lead to more investment, driving production growth in these higher-cost resources. Source: Today in Energy – Investment in tight oil, oil sands, and deepwater drives long-term oil production growth
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Source: CTRM Center