US shale’s muted reply to OPEC oil cuts to limit supply, executive says – Reuters
- Date: 22-Jun-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
US shale’s muted reply to OPEC oil cuts to limit supply, executive says – Reuters
HOUSTON, June 21 (Reuters) - Muted increases in U.S. oil production and cuts by the OPEC+ producing-nations group will limit crude supply in the months ahead, pushing up prices, an executive at U.S. shale producer EOG Resources (EOG.N) said on Wednesday.
U.S. energy firms have cut domestic oil and gas drilling activity to the lowest level since April 2022 with declines from Texas to Pennsylvania. Analysts expect further cuts this year with oil and gas prices off from last year's strong levels.
"We're a short term away from seeing the market tighten even further," EOG's chief operating officer, Lloyd Helms, said at a JP Morgan energy conference. "We are more constructive on where oil prices could go."
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