This incredible volatility in the price of oil, exacerbated by the capricious release of oil from the SPR, and further exacerbated by the "spat" between President Biden and Prince MBS, Saudi Arabia, must make it very difficult for independent oil companies to decide what to do with regard to their drilling program. The "spat" seems to have become personal. We're not seeing "mean tweets" from President Biden but some of the press is reporting inflammatory verbal remarks from the president regarding Saudi Arabia.
The "majors" and the large independent operators have the resources to continue their long-term program.
With regard to the Bakken, one gets the feeling that "new" activity has come to a virtual standstill. Operators will manage their assets -- their active wells -- and delay new drilling for now.
I have nothing hard to base that on, it's just a feeling based on reading every daily activity report.
With regard to comments from the Biden administration that it is laying the groundwork for refilling the SPR, that certainly seems to be nothing more than slow-rolling the "issue." I doubt there is any real serious intention to refill the SPR any time soon.
Refilling the SPR and releasing more oil from the SPR does not concern me. The "new" SPR is the Bakken, Eagle Ford, and the Permian.
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