U.S. Shale Could Collapse If Oil Prices Don’t Bounce Back

Unless oil prices move back up to the levels before the COVID-19 pandemic, the U.S. shale industry could collapse, the Institute for Economics & Peace, an Australian think-tank, warned in a new report on Wednesday. Moreover, the oil price plunge will likely affect the political regimes of some of OPEC’s largest producers, including top producer Saudi Arabia and the second-largest producer Iraq, as well as Iran, the think-tank said. “The sharp fall in oil prices will affect political regimes in the Middle East, especially in Saudi…