US shale bosses say no bailout for Europe expected

The US shale business has warned it will not be able to increase production enough to help Europe deal with the energy crisis this winter, the Financial Times reports.

Although oil prices have been declining lately, the situation in the market may change in early December, when the EU embargo on Russian gross sales comes into force. US Treasury secretary Janet Yellen this week warned the embargo "could cause a spike in oil prices."

The US has boosted oil and liquefied fuel exports to Europe, but industry officials say supply volumes are already close to a most, while domestic crude output this year will be below government forecasts by about 1 million barrels a day.

US oil pre-pandemic output hit 13 million barrels a day, but then fell sharply and still has not returned to pre-crisis levels. Last week, it amounted to 12.1 million barrels a day, data from the US Department of Energy showed.