Rystad Energy had been projecting an increase in US shale production of 650,000 bpd by the end of this year, but recent developments have caused it to take a more pessimistic view of what’s to come in the shale industry, the Houston Chronicle reported on Thursday. U.S. Shale was pumping 10.4 million bpd in January 2020, and the 650,000 bpd of additional shale production that Rystad was anticipating we’d see by the end of 2020 would have seen U.S. shale produce more than 11 million bpd by the end of this year. But the coronavirus, which stripped away demand, and overzealous production by OPEC have both lowered the price of oil and filled oil storage to the brim. The result? Rystad has lowered its projected change in output for the year by 2.15 million barrels per day. Additionally, it cautioned that this figure may “slide even further”. So instead […]