EIA data and short-term forecasts suggest the US oil production growth downshifted into a much lower gear. It will no longer have the same impact on the markets.
The Baker Hughes rig data seems to confirm the EIA forecast, given that a downshift in drilling activity usually precludes a production slowdown.
Looking at the data from top producing counties provides a more detailed picture of what is likely to happen to the shale oil boom, which suggests the end is near.
Long-term investment strategy in oil sector should focus on companies with extensive reserves, in order to take advantage of future potential growth at higher prices.