The question regarding whether we have reached peak oil demand is a pressing concern for U.S. upstream activity. U.S. tight oil’s current cost structure, which generally requires ~$50/barrel WTI to make it economically viable, suggests that oil demand needs to return to pre-COVID levels for U.S. shale to recover (Fig. 1). This article considers the industry’s ability to lower its cost structure further in order for it to maintain competitiveness.
https://oilprice.com/Energy/Crude-Oil/How-US-Shale-Can-Survive-The-Oil-Crash.html
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