The U.S. shale industry responds only to oil price signals and is like “a market without brain” , BP’s chief executive Bob Dudley said on Tuesday. “The U.S. is the only country that completely responds to market signals … like a market without a brain. It just responds to price signals,” Reuters quoted Dudley as saying at the ongoing International Petroleum Week conference in London. “Unlike Saudi Arabia and Russia, which adjust their output in response to gluts or shortages in oil supplies, the U.S. shale market responds purely to oil prices,” said the CEO of the UK oil supermajor, which completed last year a US$10.5-billion deal to buy U.S. shale assets from BHP in what was BP’s biggest acquisition this century, and one that BP will rely on for boosting production and margins. The acquisition adds oil and gas production of 190,000 barrels of oil equivalent per day […]