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One thing about oil, and most commodities is supply chases price, the rise of US production is partly the function of price. The higher prices go,
the higher US domestic production should climb creating an oversupplied situation. We have been here before many times. This in turn should put downward pressure on prices unless there are willing participants who counter this rising supply.Of course that is why the 14 OPEC members and its 10 peers outside have been holding supply which has kept oil prices firm. 2018 will be a much
more challenging year for this group than 2017 based on these latest figures.remember when OPEC was trying to bankrupt Canadian and America oil producers because they wouldn’t be able to compete at $50 or lower for a barrel? The one thing that North American oil and mining companies do that middle east companies don’t …is always advancing technology.
and after all this, what did Saudi Arabia get?
they issued debt
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