Oh, Saudi Arabia is happy with above USD 80. Well, let me tell you something. US shale oil seems to be happy too. At least a quite large group of them. This means the monster keeps growing. No matter if the US is number one now, at this pace it will be number one by some margin in some years down the line.
Saudi Arabia is now comfortable with Brent oil prices rising above $80/bbl, at least in the short term, as the global market adjusts to the loss of Iranian supply from U.S. sanctions, according to people familiar with the kingdom’s view. The world’s largest exporter has tried to keep crude from trading above $80 so far this year, in part because U.S. President Donald Trump sent several tweets in May and June calling for OPEC to rein in prices as they flirted with that level.