Page 20 - Raoul Leblanc News Today : Breaking News, Live Updates & Top Stories | Vimarsana

OPEC oil has advantage over U.S. shale during pandemic recovery The once-brash U.S. shale industry, which spent profusely in recent years to grab market share, is now focused on preserving cash, putting it at a disadvantage to low-cost OPEC producers as the global economy begins to gear up again. Prior to the pandemic-induced downturn, OPEC countries led by Saudi Arabia restrained their production, eager to bolster prices to fund national budgets dependent on oil revenue. Shale drillers took advantage, boosting U.S. output to a record 13 million barrels a day. But attendees of the year’s top energy conference made clear that even with a buoyant, $60-per-barrel oil price, shale will not come roaring back from the Covid-19 pandemic as it did from the 2016 downturn.

Saudi arabiaUnited statesDavid gregorioLaila kearneyVicki hollubRyan lanceRaoul leblancDevika krishna kumarJennifer hillerDavid gaffenOccidental petroleumOrganization of the petroleum exporting countriesPetroleum exporting countriesConocophillips chief executive ryanMiddle eastசவுதி அரேபியா