The US shale oil industry could collapse unless oil prices bounce back soon, a think-tank warns

The Institute for Economics and Peace warned on Wednesday the US shale industry could collapse if oil prices do not recover to pre-pandemic levels.  IEP said markets were already affected by an over-supply resulting from Russia and Saudi Arabia’s price war that began in March.  US oil prices turned negative for the first time in April, but they have rallied since.  OPEC+ extended production cuts until July this weekend, but IEP says prices must return to prior levels for any change to be achieved.  Track the price of oil live on Markets Insider. 

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