American shale fields have flooded the oil market with crude, allowing the United States to import less from the Organization of the Petroleum Exporting Countries, which is led by Saudi Arabia, and begin exporting to markets once dominated by the kingdom. Saudi Arabia has long been the dominant force in oil, leaving the world at the mercy of its ambitions and its interests. Now the kingdom must refresh its strategy to reflect a weaker hand — and in many ways, a different game. The changing nature of the energy industry — the oil production boom in American shale fields, the persistence of lower crude prices, and the rise of natural gas — has transformed the geopolitical equation. While Saudi Arabia is still a major energy producer, it must compensate for its lost revenue. And the United States, China and Russia are all circling in hopes of gaining a financial […]