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David Fickling

America’s Frackers Are Back, and They’re Looking Leaner

As the shale industry matures, it has sharpened its ability to reduce costs and increase productivity. OPEC+ should be worried.

Drilling down.

Drilling down.

Photographer: Callaghan O'Hare/Bloomberg

With oil galloping closer to $100 a barrel, who’s going to come to the rescue?

Output from the Organization of the Petroleum Exporting Countries remains stuck around five million barrels a day below peak levels, constrained by weak production from Angola, Iran, Nigeria and Venezuela. Russian crude is still flowing, but it’s hostage to geopolitical tensions over Ukraine.