Oil price collapse deals blow to Permian
Plunging crude prices are bad news for US shale, with some producers set to be severely afflicted
Operators in the Permian basin were sent reeling by Opec’s failure to maintain its production alliance with Russia. On 9 March, both Brent and WTI experienced their worst day since 1991, falling by over $10/bl into the $30s. Some Permian drillers have already responded by announcing they will scale back production, although the full extent of the fallout could take months to assess. Among the first to respond was US independent Diamondback Energy, which said it would immediately reduce its activity from nine completion crews to six. The company expects to drop two drilling rigs in April as well as a third later in the second quarter. Texas-based independent Parsley Energy said it was revis
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
