How Saudi Arabia Delivered A Blow To Shale Companies

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Saudi Arabia recently announced that it was engaging in a full-on price war by pumping oil like crazy. At one point, after the move, the price of Brent Crude plunged 31%. This was a body blow to U.S. shale companies, who are already reeling from falling prices and tightening credit markets. On this week’s episode of Odd Lots, we speak with Buddy Clark, a Houston lawyer at the offices of Haynes and Boone about why this came at the worst possible time for the industry, and what could happen next.

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Bloomberg’s Joe Weisenthal and Tracy Alloway take you on a not-so random weekly walk through hot topics in markets, finance and economics.

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In This Story: Houston

Houston is a large metropolis in Texas, extending to Galveston Bay. It’s closely linked with the Space Center Houston, the coastal visitor center at NASA’s astronaut training and flight control complex. The city’s relatively compact Downtown includes the Theater District, home to the renowned Houston Grand Opera, and the Historic District, with 19th-century architecture and upscale restaurants.

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Saudi Arabia, officially the Kingdom of Saudi Arabia, is a country in Western Asia constituting the bulk of the Arabian Peninsula.

Saudi Arabia also has one of the world’s youngest populations, with approximately 50 percent of its population of 34.2 million being under 25 years old.

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