[Paranagua89]

Coming from someone in Houston who's worked for schlumberger they have done rounds of layoffs so far. As mentioned before yes Saudis and the UAE Kuwait will continue to pump oil as price decrease to make up for lower prices. Will it kill American oil? Short term yes, long term no. There's two different types of oil, the easy stuff found in the Middle East, just stick a straw and suck or fracking here in North America, with fracking exploration is cheap but extraction is not. Cheap oil will slow down the North American oil industry but it will not destroy it because they can start again as the price increases making it profitable. Long term OPEC will lose its grip.