London — The US shale industry will see another wave of investment as producers are betting strongly against a fall in oil prices, the CEO of Total said on Wednesday. Patrick Pouyanné, speaking at the Oil & Money in London, said he expected global oil demand to grow strongly again this year, by up to 1.6-million barrels per day (bpd). "Our US colleagues are hedging like mad at $56 a barrel, so we will see another wave of investment in US shale, no doubt about it," Pouyanné said. Ian Taylor, CEO of Vitol, the world’s largest oil trader, echoed that view at the conference on Wednesday, saying he sees Brent crude falling to $45 a barrel in the next year as US output surges. US production has grown at a slower rate than had been estimated earlier in the year by the US Energy Information Administration (EIA), as producers focused on "greater capital discipline", analysts at Bank of America Merrill Lynch said earlier this month. US crude production for 2017 is up by 467,000 bpd up to the ...
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