Yeees – how many such messages have we been force-fed over the last 20 years? US oil production at one point was about to become insignificant and then the unthinkable happened. COVID has battered the world economy – OK it was more than COVID but little does it matter. the world needs to reset and that was not about to happen without pain but make no mistake – the world will come back bigger and better. And then it will need a lot more oil and prices will rise. I think we will see a substantial price rise in 2021 already. Imagine WTI goes back to USD 60 – impossible? Don’t tell me. Right now, lots of producers (not only in the US) have to scale back and they fail to invest in their reserves which will – over time – lead us to a shortage. Prices rise in shortages and the fastest to come back will be the shale folks. You ain’t seen nothing yet.
Nearly two-thirds of U.S. energy company executives polled by the Federal Reserve Bank of Dallas believe U.S. crude oil production has peaked, according to a survey released on Wednesday.