U.S. Shale Growth To Disappoint In 2023

Despite the fact that U.S. crude oil production has recently hit the highest level since the pandemic low of below 10 million barrels per day (bpd) in May 2022, the growth rate has markedly slowed this year as the shale patch struggles, labor shortages, supply chain delays, and the high cost of supplies while producers focus on returns instead of drilling.    U.S. oil production hit nearly 12.3 million bpd in September, the latest month with comprehensive data published by the EIA in its Petroleum Supply Monthly report last week.…