Bloomberg Businessweek

Why the Oil Glut Isn’t Gone Yet

Low prices forced shale producers to become more efficient | “The rigs are up again, the fracking crews are busier”
WTI crude oil price per barrel

A year ago, Saudi Arabia’s then-energy minister, Ali Naimi, had harsh words for U.S. shale drillers struggling with the worst price crash in a generation. “Lower costs, borrow cash, or liquidate,” he said at the 2016 CERAWeek, the giant energy conference held annually in Houston.

The mood of the U.S. oil industry was far more upbeat in early March as executives, bankers, and investors met again in Texas. Drillers who’ve survived have largely taken the first part of Naimi’s advice. While more than

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