{"id":57082,"date":"2021-03-13T10:16:18","date_gmt":"2021-03-13T15:16:18","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57082"},"modified":"2021-03-13T10:16:18","modified_gmt":"2021-03-13T15:16:18","slug":"shale-giants-proving-opec-right","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57082","title":{"rendered":"Shale Giants Proving OPEC Right"},"content":{"rendered":"
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Shale Giants Proving OPEC Right<\/a><\/h3>\n<\/div>\n
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\"Shale<\/div>\n
Saudi Arabia’s bet that the golden age of U.S. shale is over appears to be a safe one – for now, at least.<\/div>\n<\/div>\n
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(Bloomberg) — Saudi Arabia\u2019s bet that the golden age of U.S. shale is over appears to be a safe one — for now, at least.<\/p>\n

A round-up of data on shale drillers shows they\u2019re sticking to their pledge to cut costs, return money to shareholders and reduce debt. If they stay the course, it would validate the OPEC+ alliance\u2019s\u00a0high-stakes wager\u00a0that it can curb output and drive crude prices higher without unleashing an onslaught of supply from U.S. rivals.<\/p>\n

That\u2019s still a big \u201cif,\u201d one that\u2019s keeping the oil market on edge as crude\u2019s rally makes it more tempting for shale producers to go back on their word. But the U.S. shale patch is showing little sign of a true comeback so far, and even a dramatic boost in activity would leave oil output below pre-pandemic levels until late next year. Drillers that have shown signs of straying from the script and boosting production have been punished by investors.<\/p>\n

Publicly traded explorers that are remaining disciplined on output are helping to keep crude prices aloft, said Michael Tran, managing director for global energy strategy research at RBC Capital Markets. The motives of closely held producers, on the other hand, remain \u201can open-ended question,\u201d he said. The number of oil rigs has already jumped 80% after bottoming out in August, Baker Hughes data show.<\/p>\n

The more restrained shale drillers are this year, \u201cthe more they can potentially grow production at higher prices next year and beyond,\u201d Tran said.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n

Bloomberg, M.Tobin, D.Wethe, K.Crowley, oil price, oil, crude oil, saudi arabia, shale oil, opec+, rigzone.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Shale Giants Proving OPEC Right Saudi Arabia’s bet that the golden age of U.S. shale is over appears to be a safe one – for now, at least. (Bloomberg) — Saudi Arabia\u2019s bet that the golden age of U.S. shale is over appears to be a safe one — for now, at least. A round-up […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[83,184,31028,31029,31027,588,592,25704,31030,701,723],"class_list":["post-57082","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-bloomberg","tag-crude-oil","tag-d-wethe","tag-k-crowley","tag-m-tobin","tag-oil","tag-oil-price","tag-opec-2","tag-rigzone-com","tag-saudi-arabia","tag-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57082"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57082\/revisions"}],"predecessor-version":[{"id":57083,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57082\/revisions\/57083"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}