After the roil in global oil markets between 2015 and 2017 sent oil prices tumbling from more than $100 per barrel in mid-2014 to below the $30 per barrel mark by January 2016, many analysts and journalists, including myself, believed that it was the end of Saudi oil market dominance. Just a look at oil output figures over the past few months justified this type of thinking. With U.S. oil production riding strong amid increased shale output, allowing the U.S. to bypass Saudi Arabia on its way to becoming the second largest oil producer on earth. Even the International Energy Agency (IEA) join the chorus of analysts highlighting Saudi Arabia’s struggles. Over the next three years, the U.S. will make up 80 percent of the world’s oil demand growth, the Paris-based agency said in its Oil 2018 annual report in March. Canada, Brazil and Norway will cover the remainder, […]