Saudi Arabia and Russia are in a play to burn the American shale revolution.
The whole thing is coordinated.
Look a bit deeper, American exports are running free unencumbered, yet the markets expect Russia and SA (Opec +) to cut production again and again to keep the price levels up? They are sustaining the market price so American shale can benefit (many barely keeping their heads above water) without any coordination or cuts, why should they? They pay the price and the US reaps the benefits.
They have enough of that BS.
Time to make the shale players pay to play.
This will not be over soon, they need time for shale players to feel the pain.
The first big move was to scare the c-ap out of the bankers so they won't loan more cash.
Witness the power play, its going to be a long summer.
Sure it will hurt them too but those in power won't suffer and they don't care about the tearful common folk, its hard ball business on a grand scale.
Americans better get organized and come to the negotiation table or suffer for an extended period of time.
MBS and Putin aren't at war with each other, they are shaking hands behind the curtain while they pull the rug out from under the feet of American shale.
Time for a round of consolidation and elimination.