For a commodity going through one of its worst slumps ever, you would think that a major oil company bringing more of it to an already flooded market would cause all manner of panic. At a production clip of 10.3 million b/d of oil, Saudi Aramco is by far the world’s biggest energy company, responsible for single-handedly pumping 10% of the world’s crude supply–at some of the lowest production costs. That’s why news that Saudi Arabia–a nation well known for its energy price wars–has just launched the biggest shale gas development outside of the United States should be unsettling for the severely depressed natural gas market. Only, it’s not. Understandably, the markets are feeling jaded with natural gas prices slumping nearly 40% over the past year. It’s probably one reason why the specter of another supply glut has only elicited muted reaction. But there’s more to it than meets […]