Despite pipeline constraints, oil output from Texas’ Permian Basin is continuing to grow strongly. A record backlog of uncompleted wells promises a further spurt of growth when new pipelines come online in the second half of 2019.

US shale has “almost single handedly” driven gains in non-Opec output so far this year, delegates at last week’s Oil & Money conference in London heard.

With sanctions on Iran looming, “I’m not sure [non-Iran] Opec can...