Down but not out

摘要

Shale oil is a resilient resource. It is too big and too agile to be knocked out by a single blow. Lower oil prices have forced US shale oil producers to cut upstream investment over the past two years, so output is falling fast. But prices are back above $50/bl and the industry shows tentative signs of recovery. Earlier this month, oil service company Baker Hughes reported a small upturn in the number of rigs drilling for oil in the US after 18 months of almost continuous decline.