| The new Saudi oil minister, Khalid Al-Falih, says the oil glut is over. That means the kingdom's war against U.S. shale producers is coming to an end, too. Who won it is a tough question to answer; on balance, it's probably the Saudis, but they have paid a huge price, and the surviving U.S. frackers have also benefited.
In September 2014, Saudi Aramco, the kingdom's state oil company, simultaneously increased output and discounts to Asian customers, making it difficult for producers with higher costs to compete. The U.S. shale industry responded with desperate bravado, cutting costs, perfecting technologies and pumping like crazy to avoid defaulting on its debts...............................................Full Article: Source
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