Capitalism and innovative technology in the United States still appears to be unbeatable. And no more so than for oil and gas.
On Thanksgiving Day 2014, the Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, adopted a new strategy by refusing to cut production. This shocked the market because OPEC usually cuts when oil markets get oversupplied.
Saudi Arabia’s goal was to renew alliances with post-war Iraq, post-sanction Iran, and to create a new and powerful partnership with Russia, a top 3 global oil producer (Saudi and the U.S. are the other two).
