Oil market may help shale, not vice versa

📆 17/9/2562 4:59:00
📰 Breakingviews

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The attacks on Saudi Arabian oil production over the weekend present a test for U.S. shale oil producers. It’s a test of how they would use any sustained rise in oil prices, and whether they’ve learned lessons of the past, writes johnsfoley.

Shares in U.S. oil and gas companies surged on Sept. 16 after attacks on Saudi Arabia’s oil facilities led to a dramatic spike in oil prices. At one point Brent crude rose nearly 20%, its biggest intra-day gain since the Gulf War in 1991.

Occidental Petroleum stock was up 6% to $47.76 at 11 a.m. EDT. The Texan oil producer bought rival Anadarko for $55 billion including debt in a deal that closed in August.U.S. President Donald Trump said on Sept. 15 he authorized the release of oil from the U.S. Strategic Petroleum Reserve if needed because of the drone attacks, which on Sept. 14 knocked out more than 5% of global oil supply. Any release would be sufficient to keep the markets well-supplied, he said on Twitter.

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