Wall Street Forecasts Oil in the $50s Next Year

The U.S. shale patch is trimming capital expenditure budgets to preserve cash amid the lower oil prices. American producers could further cut back on spending and activity if the prevailing forecasts of a global oversupply materialize in the coming months. Efficiency gains allow companies to pump more or equal volumes of crude with the same or reduced expenses. The pullback in activity – the number of operating rigs and frac crews has crumbled in recent months – is not showing yet in the U.S. oil production figures. The shale patch…Weiter zum vollständigen Artikel bei OilPrice.com Weiter zum vollständigen Artikel bei OilPrice.com