OPEC met in Vienna last week, attempting to bolster oil prices and the Saudi Aramco IPO. But, as Spencerjakab explains, the next oil rally may actually take place at the hands of U.S. shale producers. WSJWhatsNow
The direction of oil prices in 2020 and 2021 may be decided over spreadsheets in Midland, Texas, rather than over Sacher torte in Vienna.
Last week’s meeting of OPEC+—the Organization of the Petroleum Exporting Countries plus its noncartel allies—lighted a temporary fire under crude prices. The effect gave the historic initial public offering of Saudi Arabian Oil Co. a boost. It didn’t take long for analysts to poke holes in the agreement. Fortunately for major oil exporters though, market forces in the U.S. may ride to the...
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