As the world’s biggest oil producer thanks to shale, America has renewed interest in propping up the price of crude
the oil market’s central banker seemed to go berserk. Saudi Arabia, the most powerful member of the Organisation of the Petroleum Exporting Countries , has long adjusted its supply to help stabilise the price of crude. Russia had teamed up with’s plea to cut production. Saudi Arabia retaliated, declaring its intent to flood global markets. The price of Brent crude halved between March 5th and 18th, to $25 a barrel.
Now that shale has transformed America into the world’s biggest oil producer, the country has renewed interest in propping up the price of crude. Mr Sitton maintains that production cuts may be necessary to ensure that America’s shale industry survives covid-19. But America will findThe vast salt caverns along America’s Gulf coast that contain the strategic reserve are already about 90% full, so they cannot store enough excess supply. Texan regulators have not tried to curb output for decades.
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