US shale drillers cannot increase production quickly enough to solve an oil supply crisis caused by Donald Trump’s war in Iran, industry bosses have warned, saying a big rise in output would take months to materialise.
Scott Sheffield, a veteran shale boss, said producers would resist costly new drilling programmes until they were certain oil prices — which hit an 18-month high above $80 a barrel this week amid fears of supply disruptions from the Gulf — would last.
https://www.ft.com/content/7af02521-2861-4299-962d-5f731ed0a0ad