Dwindling Rig Count May Finally Lead To Lower Shale Oil Output ...Middle East

Despite record U.S. oil production last year, output this year is set to decline, with the oil rig count dropping over the last three months. The U.S. saw increased activity in its oil and gas fields last year following the Russian invasion of Ukraine and low OPEC oil output, which led President Biden to plead with domestic producers to boost their output, to tackle shortages and rising prices. However, many private companies could not maintain this level of output, and others are now biding their time until oil prices rise again, driving down…

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