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A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. The vast Monterey shale formation is estimated by the U.S. Energy Information Administration to hold 15 billion barrels of technically recoverable oil, or four times that of the Bakken formation centered on North Dakota. Most of that oil is not economically retrievable except by hydraulic fracturing, or fracking, a production-boosting technique in which large amounts of water, sand and chemicals are injected into shale formations to force hydrocarbon fuels to the surface.
A pumpjack brings oil to the surface in the Monterey Shale, California, April 29, 2013. The vast Monterey shale formation is estimated by the U.S. Energy Information Administration to hold 15 billion barrels of technically recoverable oil, or four times that of the Bakken formation centered on North Dakota. Most of that oil is not economically retrievable except by hydraulic fracturing, or fracking, a production-boosting technique in which large amounts of water, sand and chemicals are injected into shale formations to force hydrocarbon fuels to the surface.
(Lucy Nicholson/Reuters)

Shale oil surge may be approaching peak

The rapid acceleration of North American shale-oil production may be starting to show signs of fatigue.

U.S. output, much of it from big U.S. plays such as the Bakken in North Dakota and Eagle Ford in Texas, is unlikely to keep surging at the recent pace of around one million barrels a day annually, said Maarten Bloemen, portfolio manager and research analyst at Franklin Templeton Investments.