Oil: futures suggest the slump is not over.
Shale: nimble shale drillers outpump giants, confounding OPEC -- Bloomberg. The lede:
The biggest oil explorers in the world are being left in the dust by the production gains registered by nimbler shale oil specialists who are confounding OPEC’s glut-killing efforts.
None of the so-called supermajors increased output by more than 3.6 percent in the first quarter, according to company statements. Production actually shrank by 4 percent at Exxon Mobil Corp., the biggest of the group, and tumbled 9.5 percent at Mexico’s state oil company, Petroleos Mexicanos. Compare that to Diamondback Energy Inc., which raised production 61 percent.
The stout shale production gains rattled the oil market Thursday, sending oil prices to 5-month lows and effectively canceling out positive earnings news from U.S. producers, which fell along with crude.Other data points:
- Concho: production rose 30% in the first quarter
- US crude production rose for the 11th week, capping the longest stretch of gains since 2012
- output climbed to 28,000 bopd to 9.3 million bopd
- OPEC cuts haven't much difference in the global glut of crude
- US benchmark crude fell 4.8% May 4 to $45.52, the lowest settlement price since November 29, 2016
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