Oil - 2023-02-12
Date:
Monday, February 13, 2023
Summary:
US shale production of crude oil is now up 200,000 barrels per day above the pre-pandemic peak in early 2020. The problem is that far more than all of that -- 864,000 barrels per day -- comes from just the Permian play in West Texas. At the same time, non-shale production is off-peak by 1,179,000 barrels per day. Put simply, if it weren't shale, indeed if it weren't for one shale play in West Texas, oil would likely be at least $250 a barrel.