Big Shale Turns OPEC Ally From Foe With Focus on Oil Returns

5 Dec 2017   OPEC, Shale Oil

Don’t expect Big Shale to rush and fill the hole left by OPEC in the oil market. (Bloomberg) — Don’t expect Big Shale to rush and fill the hole left by OPEC in the oil market. Executives from three of the biggest independent U.S. drillers say they won’t increase activity just because prices rise after the Organization of Petroleum Exporting Countries and its allies agreed to extend output curbs. The emphasis, instead, will be on maintaining spending discipline and generating profits to return to investors, according to Pioneer Natural Resources Co., Parsley Energy Inc. and Newfield Exploration Co. While crude is trading near the highest level in more than two years as OPEC and its partners limit supplies in a bid to drain a global glut, investors have been concerned stronger prices would encourage U.S. drilling and undermine those efforts. The biggest oil crash in a generation began in […]

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