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•Wall Street has increased pressure on the oil and gas industry to cut debt and boost shareholder value after the hydraulic fracturing revolution dried up the US shale industry with cash flow and debt.
•After the hydraulic fracturing revolution dried up the US shale industry with cash flow and debt, Wall Street increased pressure on the oil and gas industry to cut debt and boost shareholder value •
• The US shale industry has shown incredible restraint during the 2021 oil price rally
• The US shale industry has shown incredible restraint during the 2021 oil price rally• Investment in new wells is down 60% from the 2014 peak, which could push oil prices higher in 2022
• Investment in new wells is down 60% from the 2014 peak, which could push oil prices higher in 2022Americans, who have long suffered from runaway inflation, are finally getting a chance to breathe
Sinochem News
The roots of today's high oil prices in the U.
As a result, investment in new wells has plummeted 60% since its 2014 peak, causing U.
No new drilling activity
No new drilling activity No new drilling activityU.
The EIA said sharp declines in DUC numbers in most major U.
The two main stages of putting horizontal and hydraulically fractured wells into production are the drilling and completion stages
According to statistics released by S&P Capital IQ, capital spending by 27 major U.
shareholder return
shareholder return shareholder returnIn addition to severely limiting new drilling activity, U.
A recent report published by the website Accountable.
Meanwhile, oil and gas companies have spent $8 billion on share buybacks, even as Exxon and Chevron have pledged to buy back as much as $20 billion over the next two years
However, the most important reason why oil prices are likely to remain high in the coming year is OPEC's discipline: Tom Klossa, president of the Oil Price Information Service, quipped in an interview with CNBC recently: "This The cartel has traditionally been as disciplined as Charlie Sheen's alcoholism, but in 2020 this cartel is as disciplined as an Olympic gymnast
oil shortage
oil shortage oil shortageAccording to the International Energy Agency, global crude oil consumption is expected to rise to 99.
Higher crude demand will put pressure on OPEC and the U.
Canada, Norway, Guyana and Brazil may be trying to fill the global oil supply and demand gap, but some Wall Street investors believe that's not enough and prices will continue to rise
In fact, Barclays predicts that the U.
Goldman Sachs investment bank shares the optimistic outlook and forecasts that Brent crude will hit $85 a barrel by 2023, compared with the current $76.
30 a barrel
.