The Middle East’s oil cartel OPEC has declared war on the US’s shale gas industry as new data from Saudi Arabia shows that the country is committing considerable firepower to the battle.
Saudi Arabian oil exports reached their highest level in 12 years in March, while production was at record levels.
The equivalent of 7.89 million barrels a day were sold overseas by the Kingdom in March, up from 7.32 million in February and 10% higher than a year earlier.
Saudi Arabia and other OPEC nations are trying to cripple the US’s shale gas industry by flooding the market with oil and driving down prices to unsustainable levels for the many small operators. So far the tactic seems to be working, with the oil rig count in the US crashing.