US oil production is unlikely to grow in 2025, the newspaper said on Friday, as crude oil prices have been hovering around $60 per barrel for two months, forcing American companies to pull back.
Smaller companies focused on drilling for oil plan to spend around 3.5 percent less this year, The New York Times said, citing a BloombergNEF analysis. At the same time, Exxon Mobil and Chevron are expected to keep their current spending plans.
Oil production in US shale basins is expected to decline later this year, the newspaper projected, citing the International Energy Agency (IEA).