Did The U.S. Shale Industry Miss Its Window In 2021?

Did The U.S. Shale Industry Miss Its Window In 2021?

WASHINGTON, DC - NOVEMBER 29: U. S. President Joe Biden delivers remarks on the Omicron COVID-19 ... [+] variant following a meeting with his COVID-19 response team, including U. S. Vice President Kamala Harris (L) and Anthony Fauci (R), Director of the National Institute of Allergy and Infectious Diseases and Chief Medical Advisor to the President, at the White House on November 29, 2021 in Washington, DC. The World Health Organization designated it a variant of concern after South African health officials discovered the variant last week. (Photo by Anna Moneymaker/Getty Images) Oil markets have turned decidedly sour in the wake of the discovery of the Omicron COVID variant just when it seems as if U. S. shale producers are making big plans for increased drilling in 2022. The price for a barrel of West Texas Intermediate dropped by 16% between Thanksgiving to December 2, dropping through several key support levels in the process. In a new report issued December 1, industry analytics firm Rystad Energy projects that shale producers have plans in place to increase shale investments by almost 20% next year, from $69. 8 billion in 2021 to $83. 4 billion in 2022. Rystad analysts note that a