The most productive oil basin in America is running fewer drilling rigs than it has in years, and it just set a production record. That sounds like a mistake. It is not. It is the single clearest signal of where the upstream business is actually headed, and almost nobody is reading it correctly. The marginal barrel of oil has moved back offshore, into deep water controlled by a handful of very large companies and national governments.
Energy, Oil & Gas, Offshore, Geopolitics, Market Analysis
