Shale Jobs Disappear As Production Growth Slows

Friday December 13, 2019 1. OPEC+ cuts deeper- OPEC+ agreed to cut output by an additional 500,000 bpd last week. Overall, the group has agreed to hold 2.1 mb/d off of the market for the first quarter. – OPEC production is now 2.69 mb/d lower than it was a year ago. Iran and Venezuela have lost a combined 1.4 mb/d compared to last year. – Those disruptions were entirely offset by a 1.5 mb/d increase in supply from the U.S. this year. – But the task for OPEC+ is not over. The IEA still sees a supply surplus of 0.7 mb/d in the first quarter. 2. Tullow’s…