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(Bloomberg) — U.S. oil producers are about to ease up on their growth in capital spending, indicating that the pace of shale output may slow down after American production rose to record levels this year.

Drillers will increase capital spending by just 2% in 2024, compared with a 19% hike this year, according to Evercore ISI.

The industry will spend about $115 billion on producing oil and gas next year, about the same levels as 2019, Evercore analysts led by James West wrote in a note Friday. Globally, oil producers are expected to increase spending by 5%, reversing a recent trend of North America outspending the rest of the world.

“We foresee a shift in 2024 as global capital spending leans more towards the international market,” West said in the note.

U.S. crude production will likely increase 150,000 barrels a day next year, compared with 1 million barrels a day this year, Evercore said.