The U.S. removed the ban on American crude oil exports to countries other than Canada in 2015, unleashing a new force on the global oil market to be reckoned with. Soaring shale production over the past half-decade has not only helped America to reduce its reliance on foreign oil imports, but it has also created a new global player on the market, taking market share from the top exporters, Saudi Arabia and Russia. The shale boom—especially in the years 2017-2019 when U.S. exports were no longer restricted—frustrated the efforts of the OPEC+ coalition led by the Saudis and Russia to tighten the market and prop up oil prices. Every time the OPEC+ group succeeded in taking oil prices above $55-60 per barrel, U.S. producers ramped up drilling activity, taking advantage of the higher prices—and ultimately capping gains because of the rising supply out of America. OPEC and its key […]