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US oil firms increase activity with strong prices expected this year

Monday, March 28, 2022 by

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U.S. oil companies increased productivity in the first quarter of 2022 as prices climbed, according to a survey of oil executives released by the Federal Reserve Bank of Dallas on Wednesday.

U.S. crude is expected to sell for an average of $93 a barrel by the end of the year and natural gas prices at the largest U.S. hub will average $4.57 per million British thermal units (mmBtu), according to the survey, which included oil executives from Texas, Louisiana and New Mexico.

An index of activity by oil and gas companies in the surveyed region increased to 56 from 42.6 in the fourth quarter of 2021. It jump marked the highest reading since the survey began six years ago.

However, companies are currently plagued by “”unprecedented” supply chain and labor shortages that are affecting their ability to expand output and add employees amid the higher prices.

Learn more: Reuters > Eying strong year-end prices, U.S. oil firms accelerate activity- Fed Survey

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