Day Of Reckoning For U.S. Shale Will Have To Wait
Not only are Russia and Saudi Arabia keeping production elevated, new gains in oil production from the Middle East could offset any declines in the United States
By Oilprice.com Nick Cunningham—— Bio and Archives--October 24, 2015
Global Warming-Energy-Environment | Comments | Back To Full Article
October has been billed as a pivotal month in which indebted shale companies would see their credit lines cut, precipitating a faster consolidation in the industry that would sow the seeds of a rebound.
But banks appear to be taking a more lenient approach than expected. A new Jeffries report says that only $450 million in borrowing bases have been cut, across more than 20 companies. That amounts to just 2 percent of available credit lines, much lower than the 15 percent reduction expected by analysts. In other words, banks are allowing drillers to continue to borrow, which could delay the inevitable balancing needed in the market.
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