04-08-2025
Shale CEO Says Oil Markets Are In for Bearish Crude-Supply Flood
The largest independent Permian Basin oil driller is warning of a bearish influx of crude supplies to global markets in coming months.
In preparation, Diamondback Energy Inc. is cutting $100 million in capital spending, narrowing its output forecast and delaying some fracking work. The moves announced Monday by Chief Executive Officer Kaes Van't Hof appeared to be defensive in nature and aimed at avoiding the trap of boosting production when there's a risk of weaker prices in a well-supplied market.
