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TEAM's news room features top stories in the petroleum industry. We aim to deliver the latest oil and gas news; oil and gas pricing, and activity within our company.


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Texas Is About to Create OPEC's Worst Nightmare

"In less than a decade, U.S. companies have drilled 114,000 oil wells in the #Permian basin of West Texas and a slice of New Mexico; many with crude prices as low as $30 a barrel.

The U.S. energy surge presents #OPEC with one of the biggest challenges of its 60-year history. If Saudi Arabia and its allies cut production, higher prices would allow shale to steal market share. But because the Saudis need higher #crude prices to make money than U.S. producers, OPEC can’t afford to let prices fall."

Read the full article on Bloomberg it's really interesting!

By Javier Blas November 20, 2018, 11:00 PM CST

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