Halliburton CEO sees a rebound coming for U.S. shale drilling
Of course, this is very self-serving because his company needs shale in order to come back from the half-dead. But he still has a point as oil demand will come back and then the world needs to ramp up. But as long as this goes now, conventional capacity gets idled. Even before the oil price war, conventional producers like OPEC or Russia were in a world of pain as even with USD50+ prices they could not cover their budget shortfalls. So they were already then in a position of wait for better times before committing more money to new developments as this would have strengthened their position. One could see the oil price war as a desperate last-ditch effort to blackmail the world and then came COVID. Producers such as Russia and Saudi Arabia must invest big bucks to get new capacity online and that takes time and a lot of upfront money. Shale is much faster from FID to oil so it will always outpace the big guys plugging any uptick. Shale has an edge.
www.worldoil.com 
