Charles Ellinas
With the collapse of global oil prices, the question just over a year ago was ‘is this the end of the shale boom?’ A year later, technology and OPEC’s production cuts have breathed new life into the US shale oil industry.
This revival has a global impact and is one of the factors keeping global oil and gas prices low, which also impacts development of East Med hydrocarbons.
A period of low oil prices forced the US shale industry to cut costs and boost efficiency. Over the last two years US shale companies re-organised and reshaped themselves into more efficient and fitter, lower cost, companies, precisely in response to the difficult times they went through.
