OPEC Just Did American Shale Drillers a Big Favor
- Saudi-Russia deal seen boosting cash for American drillers
- Corporate boards in process now of compiling 2018 budgets
OPEC's Battle With U.S. Shale Nears Day of Reckoning
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OPEC and Russia just gave their most implacable foe, U.S. shale, an early holiday gift.
As corporate boards for American oil explorers prepare to sketch out 2018 drilling budgets, Thursday’s historic agreement by Saudi Arabia, Russia and other major crude producers to extend supply caps for another year may prompt directors to spend more on drilling. That’s because the producer group’s restraint has meant higher prices for U.S. shale drillers, who haven’t been shy about hiring more rigs or flooding global markets with more cargoes.