As oil prices dipped to levels not seen in nearly two decades, US shale operators slashed budgets and rig counts and braced for a hellish few months, if not years. Is even a modest price rebound possible in the near term? Will Saudi Arabia and Russia return to talks over a new supply cut? Has the price collapse forever altered US oil sanctions policy?
On today's Capitol Crude Helima Croft, managing director and global head of commodity strategy at RBC Capital Markets, talks about the path forward for US shale, the potential for a US import embargo and why resurrection of a global supply cut may be possible.
"The question is: Did the Russians know that they were signing up for the current price environment?" Croft asks.