Riyadh is effectively ceding market share directly to US frackers.
It’s a bad time to be a petrostate.
You don’t say…
US imports of Middle Eastern crude are set to drop, and our exports just hit a 24 year high.
They’re cutting consumption at home to keep exports up.
They may have to be.
The cartel is cutting output as promised, but its efforts are being offset by surging U.S. shale production.
It’s not enough to balance supply and demand—petrostates need to contend with crude in storage, as well.
London is using both carrot and stick to keep offshore oil output up.
The EIA doesn’t see crude prices rising significantly next year.
As if holding back America’s schools wasn’t enough….
Still, several hurdles remain for the beleaguered project.
It feels like 2015 all over again.
A more important question than whether the botched health bill passes the House.
Trump is ready to streamline energy regulations, but that won’t be a big help to oil companies’ bottom line.
All corruption revelations are due to tactical leaking in Russia. So who’s out to get Dmitry Medvedev?