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AMERICAS OIL: U.S. Energy Secretary: Shale Could Boost Production Even at $50

AMERICAS OIL
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U.S. Energy Secretary: Shale Could Boost Production Even at $50 Oil: FT

  • Secretary of Energy Chris Wright told the Financial Times US shale producers could increase production even if oil prices fell to $50/bbl due to innovation and efficiency gains.
  • Wright believes the shale industry could sustain a lower price of oil, “new supply is going to drive prices down. Companies are going to innovate, drive their prices down and suppliers will bounce back and forth.”
  • However, producers are more cautious as the business has pivoted toward maximizing returns to shareholders as mergers and acquisitions has led to larger companies less inclined to invest capital in drilling.
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U.S. Energy Secretary: Shale Could Boost Production Even at $50 Oil: FT

  • Secretary of Energy Chris Wright told the Financial Times US shale producers could increase production even if oil prices fell to $50/bbl due to innovation and efficiency gains.
  • Wright believes the shale industry could sustain a lower price of oil, “new supply is going to drive prices down. Companies are going to innovate, drive their prices down and suppliers will bounce back and forth.”
  • However, producers are more cautious as the business has pivoted toward maximizing returns to shareholders as mergers and acquisitions has led to larger companies less inclined to invest capital in drilling.