U.S. oil drillers restart production as prices recover

OILPRICE | Shale drillers are bringing some shuttered oil production back online as the glut eases.  The total amount of shut-in production in the Bakken stood at 475,000 bpd on May 28, a total that was 7 percent smaller than the week before, according to Bloomberg.


A couple of high-profile shale companies voiced optimism at the start of June. EOG Resources said it plans to “accelerate” production in the second half of 2020, finding prevailing oil prices sufficient to step up drilling activity. The company also reduced its hedging exposure, a sign that the company is bullish about the trajectory of prices.


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