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Are We at PEAK SHALE?
Manage episode 486507168 series 3454750
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According to industry veterans, US oil production is at a tipping point at current crude prices. US oil production is expected to DECLINE next year, making it the first year-on-year decrease in roughly ten years, outside of the pandemic.
THE CAUSE: Shale oil companies are slowing production because of low crude prices and pressure to return cash to shareholders. The Permian Basin's output growth is slowing too, and other large fields haven't recovered since 2020. Finally OPEC has recently announced production increases that will continue to put downward pressure on crude oil prices, reducing the incentive for US producers to spend the billions required to develop and bring new finds to market.
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