US oil production is set to pick up steam again — this time led by little-known privately owned companies impervious to the demands of the stock market.
Forecasters project that the nation’s crude oil output will increase by about 800,000 barrels a day over the course of 2022, accelerating sharply from this year and making the US the fastest-growing supplier outside of a producer alliance that includes members of the Opec cartel.
Marquee oil companies are not driving the rise. Instead, privately held producers, often smaller companies, will account for more than half of total US output growth next year compared to about 20 per cent in a typical year, said Raoul LeBlanc, an analyst at IHS Markit.
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