It’s becoming increasingly clear that Saudi Arabia is no longer interested in staying in Washington’s good books, and the OPEC+ cartel will do anything in its power to keep oil prices high.
The Saudi Foreign Ministry can try to spin or deflect, but the facts are simple, this will increase Russian revenues and blunt the effectiveness of sanctions,Shale Decline
The Biden administration has also been frustrated by the inability or unwillingness by domestic producers to ramp up production in a bid to lower fuel prices. U.S. shale producers have opted to return excess cash to shareholders instead of drilling more. The much-touted second shale boom has lately been getting a reality check as equipment demand declines sharply, a worrying sign that drilling in U.S. shale energy regions is leveling off. that next week, Texas auctioneer Kruse Asset Management will auction off two unused, top-of-the-line drilling rigs valued at $40 million and $30 million when built in 2019 at starting bids of just $12.9M and $2.3M, respectively.
Still, a number of experts have predicted that U.S. production will continue growing. A week ago, the Energy Information Administration U.S. crude oil exports for the month of April hitting a record 4.5 million barrels per day in March thanks to a strong Chinese market due to rising fuel demand. U.S. crude exports grew 22% last year from 2021 after Russia's invasion of Ukraine led the U.S., the EU and Canada to ban imports of Russian oil and dramatically altered global flows.
Overall, the oil price selloff is likely to prove fleeting, with most experts predicting oil prices above $80 a barrel over the coming years--well above the $58-a-barrel average price between 2015 and 2021.
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