OPEC crude output cuts should help U.S. shale profits in 2021

Business Insider | Jan 10, 2021 at 1:00 AM
  • A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer.
  • Higher crude prices will fall directly to U.S. producers’ bottom lines given recent cost cuts and commitments to keeping output flat.
  • In top two U.S. shale fields, oil and gas companies are profitable in the $30 per barrel to low $40s per barrel range.