08242019Sat
Last updateThu, 22 Aug 2019 5pm

End-User News

U.S. Shale Producers to Slow 2019 Spending

“U.S. shale producers are slamming the brakes on next year's drilling with crude prices off 40% and mounting fears of oversupply, paring budgets that in some cases were set only weeks earlier,” according to Oil and Gas Investor.

The reversal is alarming because blistering growth in shale fields has propelled U.S. crude output 16% to about 10.9 million barrels per day (bbl/d) for 2018, above Saudi Arabia and Russia. Production has been expected to rise 11% more in 2019 as large oil firms and independents added wells this year.” 

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