Saudis Bet ‘Drill, Baby, Drill’ Over in Push for Pricier Oil
- OPEC+ alliance surprised market by keeping oil output in check
- Saudi minister confident shale producers will stay disciplined
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Saudi Arabia just made a high-stakes wager that the glory days of U.S. shale, which transformed the global energy map in the last decade, are never coming back.
By keeping a tight grip on supply at Thursday’s meeting of the OPEC+ alliance of oil producers, Saudi Energy Minister Prince Abdulaziz bin Salman showed he’s focused on boosting prices -- and confident that this time around it won’t encourage American producers to surge back and steal market share.