For more than two years, the U.S. has been the world’s No. 1 oil producer, a status often hailed proudly by President Donald Trump. Now, the crown is at risk. The standing of the U.S. has largely been based on a concession from Saudi Arabia, which orchestrated output curbs in tandem with Russia that helped prop up prices. But with the Saudis now threatening to flood the world with oil after its production pact fell apart, prices are in free-fall, having dropped by half in two months to around $30 a barrel. The result: Most shale wells are now unprofitable and drillers are scrambling to scale back operations. At $35 a barrel, U.S. output — now about 13 million barrels a day — could fall by 1 million barrels this year, according to […]