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Crude oil price rebound may come in late 2021, says pipeline giant

A historic crash in oil prices along with a glut of fracking after years of debt-fueled growth has triggered a crisis that's driven some US producers into bankruptcy

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American oil production is showing no immediate prospect of revisiting pre-pandemic highs

2 min read Last Updated : Oct 29 2020 | 1:06 AM IST

The recovery in demand, coupled with the retrenchment in the US shale sector, could lead to higher oil prices as soon as in the second half of 2021, according to one of the top bosses of the largest pipeline companies in the world.

“Given the combination of the record retrenchment in drilling and completion activities by US producers, refocused capital allocation and the effects of steep decline curves resulting in a decrease in shale production, we believe this price signal for higher crude oil prices could occur as early as the second half of next year,” Jim Teague, co-chief executive officer

Topics : Coronavirus Crude Oil Price

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