How High Can U.S. Shale Production Climb? ...Middle East

The shale drilling boom that ended in March of 2020, as the full effects of the pandemic hit the economy, contributed to a surplus of oil in storage that kept prices down. Richly supplied both in the U.S. and globally, the market took the spot delivery prices down to unprecedented levels. In April 2020, the spot price actually went negative for the first time ever. As the economy recovered, inventory levels declined, bottoming out in March of this year, at about 415 mm bbls across all PADD districts. Not only did storage decline, but U.S. production…

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