All articles tagged with #shale industry
US oil production is expected to decline in 2024 for the first time since the pandemic, dropping from a record 13.5 million barrels per day due to lower oil prices, reduced drilling activity, and global market pressures, challenging the previous 'energy dominance' agenda.
US oil production has surged to record highs, with industry participants now making profits, despite previous concerns about profitability. Bloomberg Opinion columnist Javier Blas discusses the state of US supply, its impact on OPEC, rising tension in the Red Sea, and the rise of electronic electricity trading in the European market.
Diamondback Energy expects to be a buyer, rather than a target, in the ongoing consolidation of the U.S. shale industry. The company raised its full-year oil production forecast and closed asset sales for proceeds of about $1.7 billion. Diamondback also raised its net 2023 production forecast and expects production to grow in the fourth quarter. However, average sales prices fell, leading to a decrease in net income.
OPEC+'s surprise production cut has caused a surge in crude oil prices, but traders are uncertain whether the rally will last due to concerns over weak demand indicators. The timing of the cut, which won't take effect until May, has also raised questions about whether the cartel is preparing for a recession-marked summer of tepid consumption or driving prices to $100 a barrel as demand surges. The shift of market control into the hands of Saudi Arabia and its allies has been cemented, leaving the oil market under the purview of OPEC+ at a time when some experts have predicted that demand is heading to a record.