In clear move to take global oil market share from Permian Basin shale producers, Saudi Arabia, Russia and six other key OPEC-Plus members recently announced that they will increase production by another 547,000 barrels per day.

“OPEC-Plus just blinked and guess who pays the price?” asked Odessa oilman Kirk Edwards in a LinkedIn post. “Their reasoning? A ‘steady global economic outlook and healthy market fundamentals’ citing low oil inventories.

“But let’s be clear: this production boost marks the full unwinding of the 2.2 million barrels per day cuts announced last April, a year ahead of schedule,” Edwards said.

“So now what? We’re already watching Permian oil drilling rigs being stacked and frac crews sent home at an alarming pace. The narrative from some corners saying U.S. oil produ

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