The United States is awash in oil, yet analysts at RBC Capital Markets don't expect that to pull benchmark crude prices much lower.
In its five-year outlook, published Thursday, RBC analysts said soaring U.S. production will be absorbed by the rest of the world "with only modest price impact" over the next year. The world's largest economy is churning out record amounts of crude, and is mulling whether to export some of it abroad—something it hasn't done in decades.
Last month, the Energy Information Administration said the U.S. would pump huge amounts of oil and natural gas through at least 2016, with annual crude production challenging the 1970 record of 9.6 million barrels per day.
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