Facing crippling crude prices and a historic supply overhang, the
once-booming US shale sector is for the first time being forced to shut
in thousands of wells across its most prolific tight-oil basins.
Accurate production data lags by months in the US, but analysts are
reporting onshore shut in totals to be somewhere between 100,000 to
400,000 B/D. The largest cuts announced so far come from ConocoPhillips
which said in addition to its Canadian oil sands projects that it is
shutting in nearly the entirety of its US onshore position—some 2,400
wells, representing about 165,000 B/D.
A projection from commodity researchers at JP Morgan Chase suggests
as others follow suit these curtailments may reach 1.5 million B/D may
be shut in by June.
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