Shale is suffering badly from this price crash. No doubt about that. And we can see that consequences every day in the shale patch. Closures and layoffs topped off with bankruptcies. But we like to forget that other producers suffer too and I would guess that most of them suffer way more than shale. Shale will survive the loss of some players. Heck, it might strengthen the sector. But countries like Saudi Arabia or even Russia are looking at life and death situations. It was low oil prices that were partly to blame for the collapse of the Soviet Union. States fail because of oil and I bet that the stress is being felt on the inside. They just put up a brave face. This is a catch 22 for OPEC+.
As global oil producers race to reel in output, the United States shale patch is pumping away, and it could derail the entire oil market recovery