MacroVoices #349 Rory Johnston: Crude Oil Outlook & SPR Discourse
Macro Voices
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COVID - Is There a Longer Wait?
In the decade prior to COVID, it was about two thirds of every incremental barrel produced globally came from the US shale patch. I think what you're going to see increasingly is a much more distributed kind of decomposition of that supply growth. There remains extensive supply chain bottlenecks from everything from fracks and to oil country tubular goods or steel pipe used in these in these projects has actually never come back down. So we're going to need another prolonged period of higher prices to pull people back into the sector.
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