OIL PRICES UP
The expected decrease in shale oil production this summer is causing oil prices to rise. According to the Drilling Productivity report released June 8 by the Energy Information Administration, the government is calling for a 91,000 less barrels per day of shale oil in July. Oil prices seemingly rebounded after the data was released. This news comes on the heels of a decline in oil prices on June 8 due to the Chinese oil crisis concerning oversupply and less demand.
Production efficiency is helping shale oil flow remain steady although there are fewer rigs drilling for oil than in the past. The expected decrease in production, including fewer new drilling explorations and spending…
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