US Oil Is Booming and It's Upending Global Markets

Odd Lots

Bloomberg

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4.4 • 1.6K Ratings

🗓️ 18 January 2024

⏱️ 45 minutes

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Summary

In the early 2010s, US shale players were producing oil like crazy, with no concerns about profitability. Then the legs were kicked out from the industry, causing a massive bust and massive oversupply. In 2021 and 2022, it looked like a very different story. Oil prices were surging and it seemed as though US players had found religion, learning how to maintain production discipline and improve profitability. But now we're in a new era that nobody saw coming: US oil production is booming. In in fact, it's at a record high. What's more, industry participants are actually making money at the same time. So how did they do it? And how did the prognosticators get things wrong? On this episode of the podcast, we speak with Bloomberg Opinion columnist and commodity specialist Javier Blas. We discuss the state of US supply and what it means for OPEC. We also talk about the rising tension in the Red Sea, as well as his reporting on the rise of electronic electricity trading in the European market.

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0:14.7	Hi there it's Jill Wiesenthal and Tracy Allaway the co-hosts of the
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1:20.0	I'm Joe Wiesenthal.
1:21.0	And I'm Tracy Allaway.
1:22.0	Tracy, remember a couple years ago, you know, when like oil prices started booming and there was this big story that like production wasn't coming back that all these oil companies had found discipline they're all
1:34.4	focusing on profits etc not just volume and that the expectation would be
1:39.2	that production would be depressed for a long time wait I don't think it wasn't that production was ever coming back.
1:46.0	It was that production would slow substantially.
1:49.0	And the idea was that this is one part of the oil boom story of the sort of mid-20-10s that always fascinated
1:57.1	me was it was actually a capital market story.
	...

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