A Fit U.S. Shale Industry Challenges OPEC Once Again
- Lower oil price forced industry to cut costs, boost efficiency
- Now drillers plan to increase their spending in 2017 by 25%
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When the who’s who of the oil industry met a year ago in Houston, Saudi Arabia’s energy minister had harsh words for U.S. shale drillers struggling with the worst price crash in a generation.
"Lower costs, borrow cash or liquidate," said Ali Naimi, who managed the world’s largest oil-exporting business for more than two decades.