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Oil glut set to thwart Trump's call to 'frack, frack, frack'
Mint Mumbai
|November 20, 2024
US President-elect Donald Trump's vows to "frack, frack, frack" are about to collide with a global crude glut that's set to, finally, temper record shale production.
Trump has said he'll push America's shale companies to ramp up output—telling supporters pump prices would fall even if it meant producers "drill themselves out of business"—but his second term follows two straight years of record US output.
Against that backdrop, analysts and traders surveyed by Bloomberg see the US adding just 251,000 barrels a day from the end of this year through 2025, the slowest pace since the pandemic-driven drop in 2020.
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