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BL

OP headline " . . Disastrous Decline in U.S. Shale". Writer needs to add Decline of Conventional Oil in Saudi Arabia, Iraq, Kuwait, Oman, UAE, Bahrain, Qatar, Iran, Libya, Nigeria, Algeria, Angola, Congo, North Sea, Russia,

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(edited)

Gabon, Equatorial Guinea,  Indonesia, Azerbijian, Venezuela, Columbia, Brazil, Ecuador, U.S. Gulf Offshore, Canada, Alaska, Mexico. Norway, etc, etc, etc 

What planet is this writer from ?  Does he not realize the earth is in the middle of a pandemic ? THE WHOLE WORLD OIL INDUSTRY IS A DISASTER. The world economy is on lock down. 

When U.S. Shale producers say they are cutting production they actually follow thru .  .  .  .  unlike the OPEC faux production cuts announced to move market price.

The Xi Wuhan Covid19 virus is an equal opportunity pandemic.  The U.S. shale dropped very quickly because it can.  Shale is very flexible.  Turn it off .  .  .  turn it on.  No problem. Most of Conoco, Chevron and Exxon shale shut downs, approx 600,000 to 800,000 bbls/day will not happen until June.   It's called free markets. It works. 

Another "Never Shaler". Always has been. 

OPEC today said they estimate an average decline of 9 mm bbls/day for the entire year 2020. WTI was selling in low $50s before Covid19. Brent was trading in mid $50's.  What now ? 

Let him know the shale rock is still there.  Consolidation over next 18 months.  Shale will prosper again despite efforts to paint a different narrative. 

Edited by BLA
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