Companies involved in developing North American tight oil are using knowledge gained to improve costs and breakevens, transforming what were once among the world’s most expensive supply sources into one of the cheapest.

That’s according to Rystad Energy, which released a report this week that ranks North American tight oil as the second cheapest source of new oil volumes globally. With a Brent breakeven cost of $46 per barrel, down from the average $68 in 2015, North American tight oil’s cost of supply today trails only the Middle East onshore market.

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