What can we expect from shale as we move forward?
Shale-oil is facing a down-turn in production and output. Since the start of 2019, inefficient rigs, that did not produce free cash flow, have come under increasing scrutiny, as financiers who had previously not expected free cash flow, are no longer willing to provide financing to operations, that aren't free cash flow positive. This has results in a fall in rig count, in all regions, right throughout the year. With falling rig-count, despite increasing well efficiency, we expect barrel output for crude to fall in the coming quarters.