U.S. shale majors are revising their production guidance for the year as efficiencies help them produce more oil at the same or lower cost. Analysts are already talking about an oversupply as a result of those efficiencies. Reuters reported this month that several large shale oil producers had announced revised production figures for 2024 during their second-quarter earnings calls. The companies include Diamondback Energy, APA Corp, Devon Energy, Occidental, and supermajors Chevron and Exxon. All of these companies and others that see higher…
