OPEC+ Holds Sway and US Drillers Are Fine With That
Shale producers don’t plan to open the taps despite President Biden’s protestations.
Workers at a Permian Basin drilling site in the oil town of Andrews, Texas.
Photographer: Spencer Platt/Getty Images North America
Welcome to Energy Daily, our guide to the energy and commodities markets powering the global economy. Today, we look at the easing of hostilities between OPEC and US shale producers, while in metals markets, gold is nearing an all-time high. To get Energy Daily sent to your inbox, you can sign up here.
OPEC+’s shock decision to cut output, which drove up oil prices earlier this week, may have upset some people in Washington. But the reaction in Texas appears remarkably sanguine. Indeed, shale industry executives are pledging not to ramp up their own production in response.