Trump’s Big Oil Deal Hinges on Weakest of Shale Going Bust [Yahoo! Finance News]
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Source: Yahoo! Finance News
) -- President Donald Trump said the “big Oil Deal” he brokered will save hundreds of thousands of American jobs. But the agreement on a shale bust that could spell the end for some shale explorers drowning in debt, bringing a wave of bankruptcies and job losses.On Sunday, the OPEC+ group agreed to pare production by 9.7 million barrels a day, ending a devastating price war between Saudi Arabia and Russia. Trump, meanwhile, is counting on market forces to shave some 2 million barrels a day of overall U.S. output by the end of the year.U.S.-focused oil producers have already slashed more than $27 billion from drilling budgets this year and are starting to shut in production. And almost 40% of oil and natural gas producers face insolvency within the year if crude prices remain near $30 a barrel, according to a survey by the Federal Reserve Bank of Kansas City.“Trump’s strategy seems to rely on the free market forcing production down and implicit in that is some companies going under,” s
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