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Lower prices slow US oil production growth — Goldman Sachs
Goldman Sachs warns that the era of rapid US oil production growth is ending, citing both the maturing Permian Basin and declining crude prices. The bank expects US output to fall this year and next as domestic producers, highly sensitive to price changes, pull back.
Currently, WTI crude oil averages $65 per barrel. According to Goldman Sachs, this price level benefits consumers but barely exceeds producers' break-even point. This situation holds US production volumes at current levels.
Meanwhile, low national crude oil inventories are currently preventing prices from falling. However, experts at the firm note the persistent negative effect of the growing surplus in the global oil market.
The Energy Information Administration (EIA) reported on Wednesday that US crude oil inventories decreased by 3.9 million barrels in the week ending July 11.
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