EFTA Document EFTA01367321

31 May 2015 Integrated Oil US Integrated Oils Table Of Contents Executive Summary 3 The Non-OPEC growth outlook to 2017 8 Looking for rapid declines? Don't hold your breath Non-OPEC growth: Late to the party 8 Where is the growth coming from? 10 Capex Reductions 15 Show me the money (or lack thereof) 15 Setting the stage for the next oil price spike? 18 The North Sea: A Case Study On Spend and Decline Rates 20 Implied Call on the US 24 The new, "price driven" swing produce