While Opec members and their allies mull reconvening later this week for crude curtailment talks, some US oil producers are beginning to reverse course on shutting in production. Several midsized producers intend this month to bring back production that was shut in to mitigate low prices, one insider told Energy Intelligence. This includes companies that can break even on a lease-operating expense basis at $30 oil, a price point that West Texas Intermediate (WTI) crude has met or exceeded since mid-May (OD May28’20). Management wants to get their best furloughed workers back to the field. What’s more, the source said, they don’t want to be the last to make the decision, lest the competition “beats them to the punch.”
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