US Shale Producers Unlikely to Heed Trump’s Call to Drill as Rally Fades

US shale oil producers are unlikely to heed President Donald Trump’s latest call to “Drill, Baby, Drill” as they prioritize hedging over ramping up production in response to US military strikes on Iran.

Wary of being caught by yet another false start in global crude markets, US oil companies are likely to use hedging contracts to lock in revenue for future output rather than spend heavily on new drilling, analysts said.