Americans ruined the oil industryThe shale gas is what is causing problems. In 2015 2016 2017 there was many US oil bankruptices. Thing is they all filed for chapter 11 basically wiping out their debt. They all came back stronger with much less debt.
if the US did not have chapter 11 oil would booming. The US should agree on cuts or at least capex growth. No one is making money in oil at these prices. The USA with their stupid chapter 11 strenghtend a distressed industry.
Share holders got fleeced and all the bond holder made out like bandits. if the US would just stop drilling and adding rigs we could balance in a few years. Problem is OPEC makes oil cuts and the oil price rises and USA starts drilling like mad men taking market share from opec and flooding the market again.
Intill the USA realizes it is in their best interest to have slower groth this industry is dead. Mind you the Americans saved the world with shale becasue with out their 13 million barrels a day they produce oil would be at 200 USD per barrel. So they are a blessing but also the problem.
So listen US drillers slow the f!!! down let the market balance and then just add rigs to keep up with demand. !!!!