Saudi Arabia declares war on the US shale gas industry
Saudi Arabian oil exports reached their highest level in 12 years in March, while production was at record levels.
The equivalent of 7.89 million barrels a day were sold overseas by the Kingdom in March, up from 7.32 million in February and 10% higher than a year earlier.
The Kingdom produced 10.29 million barrels of oil per day in March, according to the Joint Organisations Data Initiative (JODI). That was more than any other nation in the world.
Saudi Arabia and other OPEC nations are trying to cripple the US's shale gas industry by flooding the market with oil and driving down prices to unsustainable levels for the many small operators. So far the tactic seems to be working, with the oil rig count in the US crashing.
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