"Leading environmentalist group heaps praise on Arab monarchy’s attempt to undermine U.S. oil production."
"The world’s largest oil producer is actually the United States, thanks to the ongoing fracking-induced surge in production. Saudi Arabia hopes to reverse that trend. Rauber endorsed the strategy, which he said is “sure to stifle new production.”It may already be doing so. “I don’t see many investments that are going to go [ahead]” at current oil prices, John Watson, chief executive of Chevron, said last week. Chevron recently announced that it would cut capital expenditures this year in the face of declining prices."...