EU crude imports from Russia are set to plunge after the import ban of seaborne crude oil on December 5th.
The outlook is not very encouraging, either. According to a Reutersfrom last week, spending in the shale oil industry in the U.S. is far from what it was during the boom years.
It also said another large player in the industry, Helmerich & Payne, only planned to increase its R&D spend by $1 million for next year this year’s level, and cited Morgan Stanley analysts as saying that spending on new production was “modest at best”. “Shale was thought of as a swing producer, the Saudis and the OPEC have waited this out. Now, really OPEC is back in the driver’s seat where they are the swing producer,” HessHe was quoted in a Reuters report that also cited other industry executives complaining about lower-than-expected well productivity and a substantially revised production growth forecast for 2021 by the EIA.
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