22 Hrs
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الاقتصادية
Shale oil profits near pre-war highs
U.S. shale oil company profits increased significantly in the second quarter of 2023, approaching the profit levels of 2022 achieved after the Russian invasion of Ukraine. The rise was driven by record-high oil prices resulting from tensions with Iran, with Brent crude oil rising from $69.82 in January to $126.41 in April, and West Texas Intermediate (WTI) from $65.17 to $109.64. Despite posting record profits, producers are primarily planning to distribute dividends and repurchase shares rather than expand drilling operations, relying on strong balance sheets that enable them to withstand falling prices. The market remains vulnerable to further volatility if geopolitical crises are settled.
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