U.S. Shale Needs To Slow Down To Survive

It has been a bleak couple of months for oil markets. Although markets recovered after going negative for the first time in history earlier this month, they didn’t recover to nearly their pre-corona levels, and all of the factors that pushed the West Texas Intermediate crude benchmark to nearly $40 below zero per barrel still persist. Thanks to a pandemic-fuelled oil price war between Saudi Arabia and Russia, the leading OPEC+ members, there continues to be a massive global oil glut and a worsening storage deficit. Things have been looking…