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LequteMan
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The United States has moved to increase production of shale oil, a move that spells doom for OPEC countries.
In 2015, these producers told OPEC that they would produce Shale oil effectively and efficiently, when global crude oil prices rebound to $60 a barrel.
However, for leading US shale oil producers, $40 is the new $70, with many of them ready to settle for oil production at levels “far less” than their original $60 mark.
John Hart, chief financial official of Continental Resources Inc (CLR.N), said last week that the company was prepared to increase capital spending if US crude CLc1 reaches the low-to-mid-$40s range, and boost 2017 production by more than 10 percent.
A retreat in US oil production that would help ease global oversupply and let prices recover, but that may not be happening anytime soon regardless of OPEC talks with Russia.
Nigeria depends largely or proceeds from crude oil and a further reduction doesn't bode well from the cash-strapped Muhammadu Buhari administration.
Reuters
In 2015, these producers told OPEC that they would produce Shale oil effectively and efficiently, when global crude oil prices rebound to $60 a barrel.
However, for leading US shale oil producers, $40 is the new $70, with many of them ready to settle for oil production at levels “far less” than their original $60 mark.
John Hart, chief financial official of Continental Resources Inc (CLR.N), said last week that the company was prepared to increase capital spending if US crude CLc1 reaches the low-to-mid-$40s range, and boost 2017 production by more than 10 percent.
A retreat in US oil production that would help ease global oversupply and let prices recover, but that may not be happening anytime soon regardless of OPEC talks with Russia.
Nigeria depends largely or proceeds from crude oil and a further reduction doesn't bode well from the cash-strapped Muhammadu Buhari administration.
Reuters
