U.S. shale industry tempers output even as oil price jumps

This year's run up in crude prices, and oil output curbs imposed by the OPEC+ producers group, historically would have triggered a drilling boom. But investors are demanding financial returns over more volume and energy financiers are shifting to renewables, so shale firms are determined to stay disciplined.

Last week, benchmark U.S. crude futures traded above $73 a barrel, the highest since October 2018. Back then there were 1,052but today there are much less than half that many: around 470, according to Baker Hughes data. In the United States, closely held companies have contributed substantially to rig additions this year, but Sheffield said those smaller firms should not drive up volumes enough to ruffle OPEC+ producers.

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