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SPE.org 

For the next several years, supplies of crude will depend on several macro factors. Some are easier to forecast than others. Abu Dhabi will conduct its first-ever competitive tender for international partners to explore and develop oil and gas blocks onshore and offshore. The scheme by OPEC and non-OPEC producers to collectively curb oil production has brought stability to the global market—which, as a result, could soon be awash in “a second wave” of US shale output growth. OPEC and a Russian-led group of non-OPEC producers agreed to extend their deal to collectively curb oil production until the end of 2018, following through on their efforts to rebalance the oil market and support higher crude prices.