Higher oil prices will not spur more US production, oilfield services company Patterson-UTI says

Group 1 - A surge in energy prices due to the U.S.-Israel conflict will not lead to increased U.S. oil production without market predictability, according to Patterson-UTI's CEO Andy Hendricks [1] - U.S. crude futures reached $119 per barrel at the beginning of the week, the highest since August 2022, but settled at $83.45 per barrel, down $11.32 [1] - U.S. oil production is near record levels at 13.7 million barrels per day, with Permian production at 6.59 million bpd, down from a record 6.74 million bpd last year [1] Group 2 - The future trajectory of U.S. oil production will depend on the normalization of the situation in Iran and the resumption of trade through the Strait of Hormuz [1] - There is a risk that Permian oil production may slow this year, which could lead to higher prices and increased industry activity [1]