US oil production has peaked amid price fall, top shale producer warns

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The story "US oil production has peaked amid price fall, top shale producer warns" was covered 13 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 13h ago

US oil production has peaked amid price fall, top shale producer warns - Financial Times

Quick Summary:

The company said it was cutting its 2025 capital budget by $400mn to between $3.8bn and $4.2bn and dropping three drilling rigs.

At less than $60 a barrel, many US shale producers will struggle to turn a profit, especially in some of the country’s ageing basins, forcing them to potentially stop drilling, lay down drilling rigs and cut jobs.

The combination of increased Opec supply and fears that US trade tariffs will hurt the global economy saw the price of Brent crude fall by nearly a fifth in April, the largest monthly drop in almost three and half years.