It took a global pandemic for OPEC to slam the door on U.S. shale

OPEC still does not get it. This is not a war between OPEC and shale for market domination. Shale does not even fight. Shale is a hodgepodge of producers each with their own dynamics and pain points. They fight for life and many will make it to the other side. OPEC still plays boardroom games in the meantime. But it is exactly this fight for life that makes shale so incredibly hard to beat. Because it’s nothing short of a permanent workout regime that keeps them sharp and aggressive. Things OPEC players know very little about.

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