In the course of the past nine months, StanChart says that there has been no indication whatsoever of sustained growth in U.S. crude oil production.
While last week’s rig count from Baker Hughes showed U.S. oil drilling activity still in a downward trajectory, hitting a 29-month low, Standard Chartered suggests that neither the output slowdown nor the seemingly hesitant drilling has been priced into the market yet. Since November 2022, U.S.
In the first week of June, we also saw prices shed more gains after the OPEC announcement that oil output cuts would remain in place through the third-quarter of this year, with the EIA saying that it expected lower OPEC production for the rest of the year, estimating oil prices to average around $85 per barrel for the second half of this year. The EIA expects “more oil will be withdrawn from global inventories in 2H24 than we did last month”.
U.S. Oil Oil Prices Oil Production Shale Assets Permian
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