American shale producers are right to avoid the temptation of pumping oil with WTI in the $1100-$110 range. Rewarding shareholders isn’t just about appeasement, which is long overdue, it’s about the elephant in the oil production room: Refining capacity. Refining capacity was falling even before the pandemic.
Since January 2020, we’ve lost 3 million bpd in refining capacity, worldwide. In 2020, we lost 410,000 bpd in net global refining capacity. In 2021, there were more refinery closures than there was new capacity, leading…Why U.S. Shale Is Right To Choose Shareholders Over Production
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