Obama is sure determined to destroy American oil production and help OPEC.
Saudi and the Opecers are on the ropes. We may be seeing a megatrend developing with shale. It is plentiful and wide spread. Everywhere there is / has been oil there is shale with oil or gas in it. Oil and gas could be as plentiful, widespread and easy to get as it was at the turn of the last century a hundred years ago. Opec may be losing their moxy and the saudis their leverage.
The only thing that remains to know is will shale production hold up, can it self-fund?
I’d say the saudis think it will since they are ushering a new age of fiscal controls and hope to diversify.
We get almost no oil from saudi. The massive amounts of money and treasure of our young people should be coming to an end.