It is a fact that the US has increased its production of oil quite dramatically over the last two to three years. It has actually increased it by the size of the Organization of the Petroleum Exporting Countries (OPEC) members or about two and a half to three million barrels per day.
So we are sitting today on around nine million barrels per day, which is third only to Saudi Arabia and Russia.
I believe that growth is still going to be happening, even if the oil price stays in the $80 to $90 dollar range it is right now.
There is indeed still a lot of production that is still going to be quite profitable in the United States and there is still going to be drilling. We have actually seen the rig rates in the United States kind of stay the same and that is really going to keep continuing to drive, maybe even adding another million barrels per day by the end of next year, which I believe will continue to add pressure on oil prices.
Given the current situation in the good old USA, what is Saudi Arabia thinking?