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Javier Blas, industry influencer, reports that DiamondBack Energy, a leading U.S. shale producer, intends to increase its oil supplies to the market immediately.
Blas mentions that while additional U.S. shale production cannot offset a potential closure of the Strait of Hormuz, it is incorrect to assume companies would not respond to oil prices above $80 per barrel.
Blas previously noted that oil futures indicate improving supply in the coming weeks, even as physical prices remain high here. He also reported on the U.S. economy showing resilience despite elevated gasoline costs and growing global inflation risks here. These earlier observations provide context for U.S. shale producers' latest responses to the oil market.