Thanks to the shale boom, the U.S. is now a major oil exporter, which could threaten oil prices. In fact, China has become a major buyer of U.S. crude.
Saudi Arabia is eyeing oil at $60 barrel this year, a comfortable price for many OPEC members, but probably not high enough to encourage U.S. shale producers to significantly increase their rig counts. Saudi Arabia is OPEC’s largest producer.
“In a research note out Friday, Croft wrote, “If these strikes are not followed up by a serious effort to oust the Syrian leader [Bashar Assad], none of these scenarios may materialize and the oil implications will remain negligible. However, given that President Trump had previously signaled deep disdain for humanitarian interventions and Middle Eastern military engagements, we are now in uncharted waters…,” reports CNBC.
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