Diamondback Warns of Oil Supply Excess ...Middle East

Diamondback Energy expects a jump in crude oil production globally in the second half of the year, which could lead to a glut, the company’s chief executive said in a letter to investors. At current oil prices, production in the shale patch has peaked, Kaes Van’t Hof wrote in the letter, adding that “the likelihood of a massive oil supply glut combined with an oil demand shock seems to have dissipated (on the demand side)”. However, “the projected increase in global oil supply in the second half of this year is hard…

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