High inflation and rising cost are causing drillers to consider cutting rigs next year with no plans to boost activity.
“As much as the Biden administration would like for domestic oil producers to ride to the rescue in the short term, there’s little chance the administration can do anything to reverse this activity slowdown,” according to the note.
Operators in the Permian Basin are the most likely to curb activity due to dwindling prime drilling land. They suggest long term crude prices above 80$/bbl would be required for producers to increase activity.

Bullet Energy Bullets Homepage Commodities US

David Lee

Bullet Energy Bullets Homepage Commodities US

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