Bloomberg Brief’s Oil Buyers Guide for the week ending May 22 put forward the argument that due to OPEC’s war on the shale drillers, the shale industry is about to see millions of barrels of undeveloped reserves are about to disappear.
Falling completions
Bloomberg argues that when OPEC meets next month, the cartel of oil-producing nations will decide to keep their production policy unchanged at 30 million barrels of oil per day. This thesis is based on the fact that rival producers are already starting to buckle under the strain of low oil prices.
In other news, the number of shale oil well completions within the US continues to decline according to Bloomberg.
While the US rig count get more attention, the number...
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