“efficiency”. The cost of producing oil in the US is getting way more efficient.
So where does that leave the trend in prices? Basically suppressed! And the goal is not to cut production BUT to cut costs OR to take advantage of your abundant savings if you have them (ie Arab states) and continue on producing.
IRAN is coming back to the table and guess what? It wants customers! I won't say where the price of oil is going but if it is going up I am going to lose! Price to watch a break below 40 which holds!