by F. William Engdahl, New Eastern Outlook:
In March of this year Saudi Arabia launched what was clearly a catastrophic move to regain its role as the world oil superpower. What initially was a move aimed at taking markets away from Russia, after the latter declined to make further production cuts, has quickly turned into a clumsy even catastrophic repeat of the Saudi 2014 oil miscalculation. At this point US shale oil industry is indeed hurting as a result. However, OPEC and Saudi Arabia are themselves in a deep crisis whose outcome may radically transform the geopolitical power map of oil.