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Who Will Get Full Control Of Libya’s Oil Riches?

Who Will Get Full Control Of Libya’s Oil Riches?

Libya’s conflict is wide-open again,…

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U.S. Shale Struggles For Survival

  • U.S. shale drilling activity has fallen to record lows and it looks like the industry won't fully recover until at least 2022.

1. U.S. shale won’t rebound until 2022?

- U.S. shale drilling activity will not recover until at least 2022, according to shale and oilfield service executives themselves.

- The Dallas Fed surveyed nearly 170 industry executives and found widespread pessimism regarding the health of the oil patch for the next few years.

- The same was true for their perception of oil demand. Only about 5 percent believe that global demand has already peaked, but more than 35 percent think demand won’t hit pre-pandemic levels until 2022.

- “I am a professional geologist and independent producer who has been involved in the oil and gas business for almost 50 years, and I have never experienced an environment such as what we are living through today,” one unnamed executive said.

2. Shale activity hits record low

- The business activity index, a broad measure of conditions in Texas and parts of New Mexico, fell from -50.9 in the first quarter to -66.1 in the second, which is the lowest reading on record since the Dallas Fed began recordkeeping four years ago.

- The capex index fell from -49.0 in the first quarter to -66.1 in the second, an indication that spending continued to contract.

- On average, respondents expect WTI to average $42.11 per barrel by the end of 2020, with responses ranging from $22 to $65.

- “This has been the fastest decline in my oil and gas career, and I expect the turnaround…





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