NEW YORK, May 14 (Reuters) - U.S. oil production could already be increasing in some of the best areas, even though prices remain depressed compared to last year, said Marvin Odum, director of Shell’s Americas exploration and production business at the FT Energy Strategies Summit on Thursday.
In “some absolute sweet spots” production could be maintained and “even start to pick up” Odum said.
U.S. oil prices have rebounded to about $60 a barrel, up from a low near $40 hit in February that slowed drilling activity. Prices topped $107 a barrel last June.
The majority of North American oil output is likely profitable between $60 and $80, Odum said.
Reporting By Edward McAllister