RE:Record US Oil ProductionVery unlikely they would open the taps and do that now, as the situation is very different than 2014-16.
US shale and NA producers are in a far more stable position than then, now with strong balance sheets, debt paid down, and have demonstrated restraint, being very cautious to increase production.
A price war would hurt SA a lot more, and throw MBS's 2030 vision offtrack.
No, if needed, SA along with OPEC+ will cut more. However, the market is not that out of balance as the price suggests, and they know it. Just takes time for the specs to swing long.
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liljohnnyjoke wrote: may cause SA to open the taps again to curb US shale oil production like 2014-16
https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html
and put the hurt on EV vehicle sales as well , surge in ICE sales would likely ensue, good for oil business when they spike oil to over $100 again, and they will