Price at the Pump: OPEC Is Targeting Shale

Members of the media are reporting that OPEC could announce another bigger than expected production hike at its next meeting.  The goal, according to a new Reuters report, is OPEC is trying to kill the U.S. shale industry.  OPEC took aim at U.S. shale about a decade ago, dramatically increasing production, flooding the global market with oil, driving prices down.  And doing that resulted in many shale drillers that struggled or failed.

The Reuters article says OPEC is looking for a price war, and it could happen as soon as this July.  West Texas and Brent were trading flat to slightly higher in Monday’s holiday trade.

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