The Chinese word ‘crisis’ consists of the characters for ‘danger’ and ‘opportunity’. The unprecedented situation in global energy markets has provided traditional producers with an opportunity to displace incumbents in primarily the U.S. The price war Saudi Arabia started after Russia refused to reduce output in early March has decimated budgets of energy-dependent countries and oil companies. Riyadh and Moscow are playing with fire. The world’s no. 2 and 3 producers of oil are devastating America’s energy industry where prices went negative a week ago for the first time. Just before OPEC+ agreed on a historical deal , U.S. senators were threatening to remove American troops from Saudi Arabia if Riyadh didn’t adhere to plans to reduce production. Despite the political risks, Aramco has sent dozens of ships with 40 million barrels of oil to its refineries in the U.S. Furious lawmakers are calling it an economic ‘Pearl Harbor’ […]