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US shale—more where that came from

America's shale industry is showing few signs of slowing down this year

Oil bulls looking for signs of tight oil capitulation in the face of sub-$50-a-barrel oil were left disappointed in August's earnings season. Some producers trimmed their capex plans, but companies are by and large standing by their ambitious growth targets. The recovery looks to have plenty of momentum to carry into 2018. The latest wave of tight oil supply is coming overwhelmingly from the Permian, which has far eclipsed the Eagle Ford and Bakken plays, once the drivers of shale growth. The west Texas oil play, the hottest oilfield in the world, has expanded output by around 400,000 b/d, or 15%, since the start of the year. Remarkably, the Eagle Ford and Permian both started 2015 at 1.7m

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