Many Shale Companies Are Already On The Brink Of Bankruptcy

OPEC may have reached a deal to cut 10 million bpd, but for many U.S. shale producers, it is too little, far too late. Much ado has been made about Saudi Arabia and Russia’s push to end their cooperation in the production cut deal a month ago, flooding the markets with oil at a perilous time. While some have suggested that it was a deliberate attempt to break the U.S. Shale industry that has run roughshod over the oil industry in the last few years, upsetting the market balance of the oil cartel. Both Saudi Arabia and Russia have outright…