U.S. shale's message for OPEC: above $40, we are coming back | Reuters
Mon Feb 29, 2016 | 2:28 PM EST U.S. shale's message for OPEC: above $40, we are coming back The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. Reuters/Heinz-Peter Bader By Devika Krishna Kumar NEW YORK (Reuters) - For leading U.S. shale oil producers, $40 is the new $70. Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less in deciding whether to crank up output after the worst oil price crash in a generation. Their latest comments highlight the industry's remarkable resilience, but also serve as a warning to rivals and traders: a retreat in U.S. oil production that would help ease global oversupply and let prices recover may prove shorter than some may have expected. Continental Resources Inc (CLR.N), led by billionaire wildcatter Harold Hamm, is prepared to increase capital spending if U.S.Read full article from U.S. shale's message for OPEC: above $40, we are coming back | Reuters
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