US shale drillers cannot increase production quickly enough to solve an oil supply crisis caused by Donald Trump’s war in Iran, industry bosses have warned, saying a big rise in output would take months to materialise.
Scott Sheffield, a veteran shale boss, said producers would resist costly new drilling programmes until they were certain oil prices — which hit an 18-month high above $80 a barrel this week amid fears of supply disruptions from the Gulf — would last.
A lack of good drilling prospects would also hold back companies, which have cut spending, idled rigs and laid off workers in the past 12 months during a period of weak oil prices, he said.
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