U.S. shale companies expect a double-digit cost increase in services across the oil patch, and the Permian in particular, as the industry recovered from the downturn and is now growing fast. The Permian is the leader of U.S. oil production growth, and service costs in the most prolific shale play are set to continue to rise, shale companies and industry analysts expect, as drilling contractors, fracking crews, and frac sand, for example, are in high demand. Oilfield service providers, who were hit hard during the slump, are now upbeat for the first time in three years, expecting a busy North American shale activity. U.S. oil production is already exceeding 10 million bpd – a level higher than Saudi Arabia’s current output, and the United States is expected to soon topple Russia as the world’s largest crude oil producer, possibly as early as later this year. As the leading shale […]