The Societe Generale ($GLE (-2.79%) ) forecasts that oil production ($IOIL00 (+0.26%) ) in the USA in the year 2024 is expected to grow more slowly than in the previous year. This estimate is based on the fact that the shale oil industrywhich has seen a sharp increase in production in recent years, is gradually maturing.

When an industry matures, this often means that the production rates production rates do not increase as quickly as before, as the best locations have already been "developed" and the remaining resources are more difficult and expensive to extract.

Furthermore, much of this expected production growth is already factored into the market expectations which means that investors are already prepared for this and prices may have reacted accordingly.

As a result, there could be limited upside potential for oil prices ($IOIL00 (+0.26%) ), as the expected increase in production is no longer surprising and may already have been priced in.