Venezuela's unprecedented supply collapse

摘要

When Opec's Gulf powers, led by Saudi Arabia, decided to keep the taps open in November 2014, flooding an already over-supplied market with crude, their target was America's shale producers. In pushing prices down, Saudi Arabia hoped to sap momentum from the booming tight oil industry and impose discipline on what they saw as profligate drillers. Shale bowed but it didn't break, and has since roared back to new highs.