*Even with crude prices above $60/B US shale producers have been cautious about returning capex and rigs.
*Production has continued to trend lower in recent months as spending from key producers failed to keep up with rapid decline at already-producing wells. Even at Texas’ key Permian basin, which remains the key investment focus of US majors and large independents (MEES, 5 February), output has done no better than flatline at around 4.3mn b/d since Q3 last year (see chart 1). (CONTINUED - 392 WORDS)
