Let's talk about shale, and dispel any myth that suggests it won't continue to be disruptive to traditional oil producing nations. Shale is, and will continue to be a new player in global energy production. Right now, across all major shale plays in the US, there are 5,000+ wells drilled ready to be completed. Completed in shale terms means stimulated and put into production. Lots of production with high decline curves, but an ability to produce lots and lots of oil for a long time.
Now lets take a break even prices across a few of the active US basins. The break even points for these basins certainly illustrate profitability at "low oil prices", maybe not as low as today's price.
Anyone who thinks shale will go away is kidding themselves. It's a new world.
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