The effect of oil well shut-ins on future production has become one of the main topics of discussion in the energy media lately, what with OPEC+ cutting millions of barrels of daily output to try and prop up oil prices. Russia, one of the world’s top three producers, has to shut in the most oil output in decades, and this could cast a shadow over the future of production. The problem is the length of well shut-ins, according to energy experts who spoke to Bloomberg. It is one thing to shut in a well for a few months, which is what producers do anyway for field maintenance. It is, however, completely different to shut in a well for two years, which is what many Russian producers would need to do as the latest OPEC+ agreement runs until 2022. “Mass sealing of oil wells is a much more serious thing […]