If the Old Continent is looking forward to USA provide it with an increased energy supply oil as well as natural gas cope with the winter, then high hopes are pinned on him. At least this is reflected in the statements of US energy groups active in shale mining, already warning that they cannot save Europe. And all this is happening in the face of fear that a sharp reduction in Russian exports of “black” gold will push its price above $100 per barrel. Relevant ones are mentioned in their publication Financial Times. Although oil markets have calmed down in recent weeks, this respite may end when the EU imposes an embargo. on Russian exports of goods will come into force at the end of this year. US Treasury Secretary Janet Yellen warned this week that the embargo “could lead to a sharp rise in oil prices.”

With my hands tied

But group leaders working on US shale fields rich in oil and gas reserves that could be used to ease Europe’s energy crisis say they won’t be able to boost supplies enough to prevent winter shortages. “It doesn’t look like the US can pump much more. Our production is what it is,” said Will Vanloh, head of private equity at Quantum Energy Partners, one of the largest investors in the shale industry. “Ambulance is not expected,” he added. “Neither from the oil side, nor from the gas side.”

Last week, OPEC announced a plan to start cutting production.

U.S. exports of oil and liquefied natural gas have increased to take advantage of higher prices in Europe but are now close to peaking, industry leaders said, warning that growth in crude oil production will fall below government forecasts by about 1 million bpd. this year. Asked about the prospects for a significant increase in US shale production, Scott Sheffield, CEO of Pioneer Natural Resources, said: “No, I don’t see a bailout. We’re not adding rigs and I don’t see anyone else doing it,” said Sheffield, who runs one of the largest oil producers in the US. Crude oil prices could rise above $120 a barrel this winter due to supply cuts, he said. The International Energy Agency said on Wednesday that oil sales from Russia, the world’s largest exporter of crude oil, could fall by almost 20% when the EU embargo comes into effect. Brent crude rose 1 percent to $94 a barrel after the report.

The rise in shale production over the past decade has made the US the world’s largest oil producer, with production reaching 13 million barrels a day before the coronavirus pandemic, or more than 10% of global supply. The increase in production each year during the boom years itself matched the overall increase in global demand, helping to keep oil prices low. But U.S. production last week rebounded to 12.1 million bpd after a sharp fall as oil prices plunged during the pandemic. Shale supply worries are resurfacing, while traders are also concerned about OPEC’s ability to increase its supplies. Last week, the cartel announced a plan to start cutting production.

Finally, Ben Dell, chief executive of private equity group Kimmeridge Energy, said that shale investors on Wall Street would not give their “blessing” to a significant increase in production, preferring a low-production model with high profits. “Investors generally do not want shale companies to follow the growth model,” he said. “The availability of capital is extremely limited.”