OPEC again agreed to cede no ground to rival producers, keeping its faith that U.S. shale drillers and other higher-cost competitors will capitulate first. The plan is to spur a record slump in the number of active U.S. oil rigs and force rival producers to cut billions from spending plans. Meanwhile, Saudi Arabia is deploying the most rigs in at least two decades and operating with the lowest spare production capacity in about three years. Iran’s Zanganeh said his nation would increase production by 1 million barrels a day within months of sanctions lifting. There is a long and brutal road ahead for U.S. shale drillers throughout 2016.
4 replies (most recent on top)
The US shale oil will fold as the costs are too high. OPEC can sit tight and bankrupt the Greedy US oil companies and bring the shale free for all to its knees.
Yanks !!!!!! You broke the financials, the sub prime market, and oil you deserve what you get. serves your lame shale laws and flooding marker with oil right haha. Bybye
Bubba no more Yee Haw for you you silly hat wearing daft booted cowboy. Come on Dallas who shot JR whooohooo.
LAYOFFS are coming
Looks like we should just go 'murica up on them and destroy their country like we did Iraq Afghanistan Ukraine Libya Syria Egypt
Fact - 12 of the 19 hijackers on 911 were Saudis. Sounds like a good enough reason to me to blow up their oil fields and bring back American jobs. Anyone else down?
it means the business of oil & gas is in the middle east, oil&gas service company should look for business there.