Despite multi-layered international sanctions on Russia following its 24 February 2022 invasion of Ukraine, President Vladimir Putin’s ‘special energy project’ – developing the country’s massive gas and oil resources in the Arctic – took a major step forward last week as it was confirmed that the flagship Arctic LNG 2 will begin operations before the end of this year.
The U.S. shale patch, which accounts for most of the non-OPEC+ oil supply growth, is set to deliver stronger-than-anticipated production gains this year.
Drilling activity in the U.S. shale patch is about to rebound later this year and next year as oil prices have strengthened recently, American oilfield services firms said this week.
During CERA Week, top executives from some of the biggest U.S. shale companies discussed global oil supply with top OPEC officials.