US shale oil production is likely to roll over during the next 12 months.
At $61/barrel WTI crude, it just doesn't make sense to drill heavily, and OPEC+ can take market share.
Discussion
How does this effect oil price?
Lyn just gave you an effect of the current oil price. If she expected it to go up, I doubt she would say domestic production would roll over. They drill when the price is high.
In the near term, the oil price affects this more than the other way around.
In the longer run, a reduction or stagnation in supply can form the basis for the next oil bull market.
Oilprices to $50 to collapse Putins war machine
The Government of the United States of America started the war in Ukraine.
Ironically inflation hits everyone…even those aspects of the economy that can drastically/quickly increase inflation.
Can confirm drill pipe is sitting in storage yards right now.