So, USD 30 oil may be enough to infuse the shale sector with life again. But the entirety of OPEC+ would still be bleeding cash at those prices. The big conventional oil producers are between a rock and a hard place right now. They urgently need higher prices in order to stop the bleeding but then shale will eat their lunch. Game over.
A pair of prominent shale producers said all they need is oil around $30 a barrel to consider bringing back curtailed crude output and fracing new wells.