U.S. Shale Is Living Beyond Its Means

Global investment in energy will fall by $400 billion in 2020, the largest single-year decline in history. U.S. shale will be hit particularly hard, with capex set to fall in half, according to a new report from the International Energy Agency (IEA).  After watching hundreds of oil rigs disappear from the field, and after watching U.S. oil production fall by around 2 million barrels per day (mb/d) since March, perhaps that statistic comes as no surprise. “Some of the most dramatic cuts in the oil and gas sector – in many cases…