US energy secretary Chris Wright has said the US shale sector can deliver President Donald Trump’s pledge to “drill, baby, drill” and boost oil production even if prices hit $50 a barrel, a level most analysts say would curtail drilling activity.
The former chief executive of fracking group Liberty Energy told the Financial Times that the US sector could “absolutely” deliver both lower prices and higher production by “innovating” and driving “efficiency gains”.
But he predicted a period of industry disruption ahead, similar to that experienced by the shale sector during a bruising price war between Opec producers and the shale industry in 2014.
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