They can reduce the fracking boom which is what they are trying to do but the tech is mature enough that the production will rise again just as easily so the price will reach a stasis at a lower level and then rise and fall from that with other economic pressures. The Saudis can try to maintain market share but they can[t drive the price and their take up any more without bringing out lots more fracked oil. The result at the pump is the same. Prices are lower than they were. The fracking phenomenon has done its job for the consumers no matter how the Saudis react. The only way they can run up the price of oil again is to cease production which would defeat the purpose of running up the price. If the Sauds force the price of oil back to 125, say, by doing that they might smile at what they have accomplished but they don’t get any of it.
——They can reduce the fracking boom ——
I would argue the result will be felt most by the higher cost producers. I would think that would be in the Gulf of Mexico
Do you think that Europe will be forced to allow tracking, or is the green movement so strong among the elite that they will suffer to protect alternatives hoping that the price will get high again?