Output from US shale oil rigs actually rose to more than 9.2 million barrels a day. The turf war being fought by the world's oil giants was supposed to have crushed expensive-to-produce shale and thus rebalanced the market, but extractors are proving far more resilient to loss-inducing low prices than anyone had thought possible. Output exceeds demand by as much as two million barrels a day at the moment – and that is before Iran adds hundreds of thousands of new barrels when sanctions are lifted in the near future.
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BP just announced that they are laying off 20% of their workforce in the North Sea, and probably 20% globally before the end of 2016..
Much as I hate saying,... poster juz may be right. Seems to be some correlative data being gathered around Oklahoma injection sites vs a rather stunning increase in the frequency of earthquake activity. Unless mistaken, I believe reduced injection has been positively correlated with reduced quake activity, as well. Probably still too soon to make any firm connections, but the "evidence" seems to be stacking up, and NOT in favor of fracking/injection. Supposing regulatory agencies suddenly suppress fracking efforts, well,... that would certainly throw domestic production efforts a curve ball.
It was below 31 today. The deal, is about to be off.
Drill baby Drill
Fracking is contaminating the ground water and causing earthquakes.