Several top news agencies are reporting that shale production in the U.S. is gearing back up. This, along with lower OPEC production (some estimate 91 percent compliance), is mostly balancing oil prices for now.
According to Reuters, shale is recovering faster than expected. There are also reported concerns that U.S. gasoline demand has stalled.
Meanwhile, Bloomberg says offshore drillers are hoping for the same signs of recovery that are showing in the shale market. Experts estimate that prices need to reach over $60 a barrel to make deepwater investments pay off.
Platt’s takes on the topic of balancing the market in the following video. OPEC compliance and its effect on the market is discussed, along with rising U.S. shale.