Sadly it is not surprising.....
Look at the latest data...long term this 95 WTI is going to create a crushing amount of oil in the USA.....
Operating costs are under 30 bucks a barrel....it will be scream mode....
OPEC can sit and watch but they just losing market share in future.
Permian isnt fading at all....
Permian Basin Drilling Rig The largest U.S. shale basin’s output will surge to a record in March, according to a monthly forecast from the U.S. Energy Information Administration (EIA) on Monday.
The largest U.S. crude basin, the Permian basin of Texas and New Mexico, is expected to have an output increase of 71,000 barrels per day (bpd) to 5.205 million bpd, the EIA said.
Overall, crude output from U.S. major shale formations will rise about 109,000 bpd to 8.707 million in March, the highest since March 2020, according to the EIA forecast.29dk2902l
Production in the Bakken is due to rise by 6,000 bpd to 1.198 million bpd, the highest since November 2020, the EIA said. In the Eagle Ford region, production is expected to increase 24,000 bpd to 1.146 million bpd, the highest since April 2020.