“The shale boom is over,” according to US oil leaders who have warned that falling crude prices, rising production costs, and policy pressures are undermining drilling activities and negatively impacting jobs. (Financial Times)
Despite President Trump’s promise to unleash oil production, oil prices per barrel are dollars below breaking even—and OPEC+'s decision to increase oil output has slashed prices, threatening shale producers' profitability.
If crude oil drops to $50 a barrel (it sat around $62 yesterday), US production would likely lose up to 300,000 barrels a day.