U.S. oil production will recover, IHS Markit analysts said in a July 7 webinar, but the post-COVID industry will be forced to abandon its perch as driver of the global market.

Expect a profound change in the business model, as well.

“Our view is that the particular characteristics as of the North American shale-dominated system make this a disaster for U.S. oil and gas production,” said Raoul LeBlanc, vice president for North American unconventional oil and gas.

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