The coronavirus pandemic, which has caused US production to drop by nearly 2 million b/d in the last year or so, has shown the vulnerability of shale development when capital is not reinvested, the top executive of Occidental Petroleum said Feb. 17. Addressing the virtual International Energy Agency/International Energy Forum/OPEC Symposium on Energy Outlooks, Vicki Hollub said the lack of consistent reinvestment in shale oil over the last decade has caused frequent boom and bust cycles, price instability and results in production declines that “happen in a bigger way” over time. “I feel that when the pandemic is over we will still not get back to 13 million […]