Re: Peak oil debate
Posted: Wed 07 Jul 2021, 12:43:15
This is what I'm getting at
Tom Whipple
Which puts OPEC in the spot to either let the price run and encourage EVs and frackers or open the spigot and kill the profit. They want to open up but UAE wants to pump more than KSA.
U.S. shale firms hesitate to pump – or hedge – more, despite oil high prices
Posted On : 7 Jul 2021 Published By : Tom Whipple
OPEC’s sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are not taking chances with the market’s volatility. Shale producers are famous for boosting output whenever oil prices surge. However, the shale industry has been notably restrained so far this year even as oil surged past $70 a barrel. They have maintained a lower level of production after vowing to investors that they would hold the line on spending to boost returns. Oil prices , are above $73 a barrel, near three-year-highs.
Tom Whipple
Which puts OPEC in the spot to either let the price run and encourage EVs and frackers or open the spigot and kill the profit. They want to open up but UAE wants to pump more than KSA.