In 2015 key US shale producers were quick to slash investment in the light of lower oil prices. Given the short-cycle nature of production, an output slump was quick to follow. Having peaked at 5.97mn b/d in March 2015 by mid-2016 production was almost 15% lower. But lower prices spurred a wave of cost cutting, and higher oil prices since 2017 have provided an extra boost (to put it mildly).

By late 2017 output had topped 2015 highs. And it hadn’t looked back since. Until now. (CONTINUED - 2104 WORDS)