https://seekingalpha.com/news/3549550-sa...-price-war
If this is more than a one day show of force, it's exactly what I was afraid might happen. Offering oil to the US for a $7 discount. That takes us straight to the 30's. US shale will be collateral damage in a big way if it continues. Not that they have any desire to do so, but the Saudis can pump oil for not much over $10 a barrel and break even. Russia knows this well and if I had to guess, I'd bet they now have interest in a meeting with OPEC shortly.
If this is more than a one day show of force, it's exactly what I was afraid might happen. Offering oil to the US for a $7 discount. That takes us straight to the 30's. US shale will be collateral damage in a big way if it continues. Not that they have any desire to do so, but the Saudis can pump oil for not much over $10 a barrel and break even. Russia knows this well and if I had to guess, I'd bet they now have interest in a meeting with OPEC shortly.