U.S. oil and natural gas companies face a problematic calculus with geopolitical consequences. Do they gamble on the Ukraine war keeping
When President Barack Obama lifted the oil export ban in 2015, American companies began cutting into OPEC’s market share. Saudi Arabia’s Crown Prince Mohammed bin Salman disapproved. He convinced OPEC to keep producing and let the price drop as Americans flooded the globe with crude.. Years of low oil prices devastated the North American oil industry and sent investors fleeing.
Prices dropped into the teens as oil producers scrambled to shut down wells. Then, as the economy slowly began to reopen, OPEC and Russia agreed to add 400,000 new barrels a month to meet growing demand. Russia is the world’s second-largest oil producer, so when Putin ordered troops to Ukraine traders, worried about losing supply, drove up prices.
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