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Saudi Arabia is waging a price war, and two major US Shale Oil giants have announced cuts in capital expenditures. Has the production of Shale Oil in the USA reached its peak?
The major USA shale oil companies Diamondback Energy and Coterra Energy have both stated that they will reduce their capital budgets for 2025 and decrease the number of drilling rigs. Diamondback Energy CEO Travis Stice warned: "Due to the reduction in drilling rigs, the USA onshore oil production is likely to have peaked and will begin to decline this quarter."
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Crude Oil in the USA fell by 2% as the OPEC+ June production increase expectations put pressure.
WTI Crude Oil in the USA fell about 2% on Monday (May 5), after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) decided to increase production for the second consecutive month. West Texas Intermediate Crude Oil for June delivery on the New York Exchange decreased by $1.16, a drop of 1.99%, closing at $57.13 per barrel. The global benchmark Brent Crude Oil fell by $1.06, down 1.73%, closing at $60.23 per barrel. International oil prices have cumulatively dropped about 20% this year. Last Saturday (May 3), the eight OPEC+ countries led by Saudi Arabia reached an agreement to increase production again in June.
$50 Oil Looks Likely. It Isn't Priced in the Stocks Yet. -- Barrons.com
151453268 witso : Morning Jess, your shining already,positive gold movement and negative oil shift, and a quiet China who may continue to buy gold,great for baking a profit cake . Tec America for me has been positive dipping its toes briefly, i think my stock has some issues to sort but underlying solid footing should see it move north again.