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Not only are Russia and Saudi Arabia keeping production elevated, new gains in oil production from the Middle East could offset any declines in the United States.
Read More »Day of Reckoning for U.S. Shale Will Have to Wait
More Job Losses Coming to U.S. Shale
With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran's crude oil supply would further contribute to the already rising global supply glut, forcing oil companies to reduce costs. Some of the major oilfield companies like Schlumberger, Halliburton and Weatherford have already announced close to 20,000 layoffs as of February 2015.
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