Reports of a shrinking shale patch come as total US output soared to a record 13.13 million barrels a day last quarter. US Gulf production was almost 2 million barrels a day in July, according to the most recent data available. That’s up 4% from the previous month and marks an 11.7% jump from the same period a year earlier.
As shale growth slows, deep-water drilling is enjoying a renaissance, with more than $500 billion in global offshore investments expected through 2025, according to the oilfield services giant SLB.
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