Diamondback, EOG and Chord plan modest oil output increase
Updated
Updated · The Wall Street Journal · May 7
Diamondback, EOG and Chord plan modest oil output increase
10 articles · Updated · The Wall Street Journal · May 7
The US shale producers said they would add just 20,000-30,000 barrels a day as crude settled at $95.08 and the Strait of Hormuz closure removed 13 million barrels daily.
Executives said the response would stay disciplined, not a return to rapid shale growth, while higher prices have pushed average US gasoline to $4.54 a gallon ahead of summer driving.
Occidental and Devon remain cautious on new rigs, while talks over the Iran conflict continue and the UAE's OPEC exit could eventually add cheaper supply and pressure shale economics.
Can America's shale industry truly shield the world from the largest oil shock in history?
Is shale's cautious production increase a strategic choice or a sign it has reached its physical limits?
The UAE has quit OPEC. Is a new global oil price war now inevitable for market dominance?