Demand for hydrofracking equipment has been quickly outpacing supply lately, causing a serious parts shortage that is beginning to hamper the expansion of U.S. oil and gas production. Halliburton Company warned in July that “supply chain bottlenecks, even for diesel fleets, make it almost impossible to add incremental capacity this year.” The Texas-based energy company…
US Shale Producers Seeking to Boost Oil Production Through Re-Fracking
Shale producers in the United States are resorting to “re-fracking” to boost the country’s oil output as well as generate additional profits without having to make significant new investments. Re-fracking refers to the practice of an oil company returning to old shale oil and gas wells that were fracked in the past but are no…
OPEC Meets With US Shale Executives as Oil Prices Skyrocket
HOUSTON—Officials from the Organization of the Petroleum Exporting Countries (OPEC) met U.S. shale oil company executives on the sidelines of the CERAWeek conference in Houston on Monday as energy prices soared oversupply concerns. It was at least the fourth time since 2017 that U.S. shale oil producers and OPEC officials have held such meetings to…
OPEC, US Oil Firms Expect Subdued Shale Rebound Even as Crude Prices Rise
LONDON/HOUSTON—OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC and its allies. OPEC this month cut its 2021 forecast for U.S. tight crude, another term for shale, and expects production to decline by 140,000…
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