Katherine Frisk write at NEWS24:
…the Karoo will be saved from fracking, due to international economic warfare.
Perhaps we should all send a thank you card to Saudi Arabia. Due to the recent decision by the Saudi’s to keep pumping oil at a low price, the Fracking Industry has now got Fracked!
SocGen’s head of oil research Mike Wittner warns “this will reverberate for years”… (via Bloomberg)
OPEC decision to keep output target is “unambiguously bearish,”
“We are entering a new era for oil prices, where the market itself will manage supply, no longer Saudi Arabia and OPEC”
“It’s huge,” he says by phone from New York. “This is a signal that they’re throwing in the towel. The markets have changed for many years to come”
“The change is that it’s no longer Saudi Arabia and OPEC that are going to be managing the supply side of the market. It doesn’t sound like much, but that is so fundamental, it is hard to overstate”: Wittner by phone
“This will reverberate for years,” adding, it will “bring on lower prices and let the market do the job of throttling U.S. shale oil growth”
I like that word. “Throttle! ” And may Fracking in the Karoo be “throttled”once and for all!