"The reluctance of U.S. companies to pump more oil comes despite West Texas Intermediate futures soaring from $57 a barrel at the start of the year to $111 at the height of the war and just below $100 during the past week."
"Even after nearly a month of oil above $90 per barrel, rig counts declined, signaling little confidence that prices will hold."
"Comments collected anonymously by the latest report revealed that the extreme volatility in prices recently had created too much uncertainty, dampening capital spending views."
U.S. oil companies are not planning to increase production significantly despite recent spikes in crude prices. A survey indicated that many executives expect little change in supply. For 2023, 30% predicted no change in production, while 43% anticipated a modest increase. The outlook for 2027 showed slightly more optimism, but still limited expectations for significant output increases. The volatility in oil prices has created uncertainty, leading to a cautious approach in capital spending and drilling activities.
Read at Fortune
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