U.S. Shale Industry Braces for Increased Saudi Oil Production ...Middle East

OILPRICE - Economy
U.S. Shale Industry Braces for Increased Saudi Oil Production
source : OILPRICE ( Middle East ) () 45
Saudi Arabia is again making news in the oil markets. In a move reminiscent of the disastrous price war of 2015-2016 (see OPEC’s Trillion Dollar Miscalculation), the kingdom has decided to boost oil production in a market that is already adequately supplied. The goal is to reclaim lost market share from non-OPEC producers and send a clear message to fellow OPEC members who haven’t been sticking to the script.  The increase will add 411,000 barrels per day (bpd) to global supply in June, and marks the third monthly hike in a row.…

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