The viewpoint in this opinion article glosses over a glaring, crucial point... overproduction by U.S. Shale Oil industry. Although that should eventually start to self-correct next year as WTI prices react to excess production of U.S. Shale Oil, new drilling reduces, and existing production eventually drops due to the crazy decline rates of Shale Oil wells.
View: What's got oil so spooked? It's the economy
It wasn’t meant to be like this.Not only are oil prices down nearly 40 per cent
Here's my lead-in intro when I shared this thread on LinkedIn:
Markets seem to dislike uncertainty and overproduction.
Hey U.S. Shale Oil, what the heck are you doing? Maybe time to slow down a bit, running frantically on the neverending hamster wheel of shale oil debt. Running faster on the debt hamster wheel just drives WTI prices down further, and sinks you deeper into even more debt.
Instead of drilling yourselves into oblivion and further