Right after Saudi Arabia-led OPEC and Russia broke up their pact to keep oil supply and prices in check, some in the U.S. oil industry were optimistic that oil prices would go back up to $65 by the end of the year regardless of the end of the production restrictions. One of those was Jay R. Young, President and CEO of King Operating Corporation, an independent oil and gas operator in Texas, who argued in a post on Forbes that U.S. shale shouldn’t panic because prices would bounce back. In just two weeks, the situation on the oil market has changed dramatically and prices for the U.S. benchmark are in the low $20s. Not only has the Saudi-Russian oil price war depressed prices, but the falling oil demand with coronavirus-caused country lockdowns is heavily weighing on the outlook for this year’s global oil demand. Analysts see 10 million barrels […]