Over the past three years, the U.S. energy sector has enjoyed an oil price boom that has been accompanied by soaring crude production. According to data by the U.S. Energy Information Administration (EIA), crude production climbed from 11.0 mb/d in July to 2020 to an all-time high of 13.3 mb/d in December 2023 as producers ramped up output to meet heightened demand as well as take advantage of high prices in the post-pandemic period. According to commodity analysts at Standard Chartered, the U.S. shale patch did much of the heavy…
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