Ihs liquidating llc
They even point to so-called "expensive" producers like U. shale companies and deepwater drillers that need higher prices to turn a profit. production to nearly double in the past decade, helping create the current supply glut.
Al-Naimi correctly noted that sky-high oil prices years ago unleashed a wave of investment that created the new technology underpinning the shale boom. "The producers of these high-cost barrels will find a way to cut costs, borrow or liquidate.
He added that it's "great to be back in Texas." War or not, it's clear who the Saudis want to bear the brunt of the painful "rebalancing" act currently taking place in the oil markets.
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For a while after the price decline that started in mid-2014, it seemed that the Go M might remain immune to the effects of lower oil prices.
But in 2015, several developers began to scale back their drilling campaigns and project activity.