“I think the cuts are automatic if you are a believer in markets,” U.S. President Donald Trump said about potential American oil production cuts in early April while he was pushing Saudi Arabia and Russia to patch up the broken OPEC+ alliance and start new cuts to prop up oil prices that were decimating the U.S. shale patch. With the new OPEC+ deal done, Saudi Arabia is cutting oil production and export allocations for June to ‘stabilize’ the market–or perhaps better described, to save its faltering oil revenues and economy. But the U.S. shale patch is reacting to the wellhead economics and is curtailing American oil production much faster and deeper than analysts initially thought. So quick has been the pullback in U.S. output that American producers are now one of the biggest helpers of the OPEC+ coalition (to which they are not a party) to reduce global oil […]