#SaudiArabia’s $640bn question: when to turn off the taps
So much for the idea that the #US shale industry would be killed by #SaudiArabia’s high-risk strategy, adopted a year ago, of keeping Opec’s taps open and flooding the market with supplies. #US oil production has barely been dented. Volumes have fallen 5% in the past six months, but the backdrop was a shale-driven 50% increase in production between mid-2012 and mid-2015, according to US government data.
Read more at: http://www.theguardian.com/business/nils-pratley-on-finance/2015/dec/07/saudi-arabias-640bn-dollar-question-oil-price