Friday, November 20, 2020
U.S. shale output is expected to continue declining into next year if crude prices remain in the $40 to $45 range, according to Rystad, a Norwegian energy research firm.
Oil and gas companies have been forced to minimize exploration and production costs amid low crude prices. As a result, the average shale oil production is set to fall by 3.1 percent in 2020 to 7.5 million barrels per day, which is down from 7.7 million barrels per day in 2019, according to Rystad.
Furthermore, Rystad forecasts that shale output will decline further by another 2 percent to 3 percent in 2021 if crude prices remain diminished.
Learn more: MRT > U.S. shale production to fall another 3 percent in 2021
Farm and Dairy, a weekly newspaper located in Salem, Ohio, has been reporting on topics that interest farmers and landowners since 1914. Through the Shale Gas Reporter, we are dedicated to giving our readers unbiased and reliable information on shale gas development.
© Copyright 2024 - Farm and Dairy