bottom price oil extraction by solar energy in america

   
bottom price oil extraction by solar energy in america
                                               
                                               
                                               
                                               
  • bottom price oil extraction by solar energy in america
Are shale production costs going down in 2024?

Goldman Sachs: U.S. shale production costs are set to fall 10% in 2024. Daily rig rates are down by more than 10% and the costs of steel and diesel are also trending lower. After years of rising production costs amid post-pandemic inflation, the U.S. Shale Patch can finally breathe a sigh of relief after the cost trajectory hit a turning point.

How has OPEC shale surge impacted oil prices?

The shale surge has blunted the impact of supply cuts made by Opec in the past two years, they say, and allowed President Joe Biden¡¯s administration¡¯s to impose sanctions on suppliers such as Venezuela and Russia, while tightening restrictions on Iran ¡ª all without fear of driving up oil prices.

Are shale production costs falling?

U.S. shale production costs fell 1% year-on-year in the second quarter, marking the first time they have shrunk in three years. Goldman Sachs: U.S. shale production costs are set to fall 10% in 2024. Daily rig rates are down by more than 10% and the costs of steel and diesel are also trending lower.

Will OPEC cut oil production again in August?

For the second consecutive month, the leading OPEC producer, Saudi Arabia, has extended its voluntary 1M bbl/day oil production cut for another month, this time till August. The reduction will take the country's production to ~9M bbl/day, the lowest level in several years.