Crude oil production in the Permian has climbed closer to pre-pandemic levels, according to the latest drilling productivity report of the Energy Information Administration
After years of pumping more oil and gas, Western energy giants such as BP, Royal Dutch Shell, Exxon Mobil and Chevron are slowing down production as they switch to renewable energy or cut costs after being bruised by the pandemic.
In the Middle East, Africa and Latin America, government-owned energy companies are increasing oil and natural gas production as U.S. and European companies pare supply because of climate concerns.
If there’s any country that might’ve been in a position to rescue Europe from its energy crisis, it’s the U.S., which is home to vast shale fields holding a seemingly endless supply of natural gas and giant terminals capable of liquefying it and shuttling it abroad.
Not so long ago, the U.S. shale patch had a large influence on oil prices, challenging OPEC’s long-standing role as a price-setter, but the pandemic has changed a lot for the world’s newest swing producer