RE:RE:RE:Will we get back to $50.37 - Year High?I hear you guys on the challenges of shale oil business and while it does makes sense, it's not adding up?
According to EIA Field Production of Crude Oil, it peaked at 13M b/d in Nov/2019.
It tanked in May/20 down to 9.7M and then eventually built back up to the 11M b/d range and stayed there for much of 2021 & 2022, going back above 12M again in Sept 2022.
For 2023 it's been increasing at steady pace and now back up to 12.7M b/d.
At same time, many of the large cap oil producers (USA & Cda) have taken advantage of extra FCF from recent high oil prices to aggressively pay dow debt, return more % FCF to shareholders while slashing Capex spending. That's what they have been reporting.
This is also evident with the weekly rig count declines.
So when is this expected declne in shale oil expected to happen?