The world’s most powerful oilman is betting big against America’s shale industry.

Saudi energy minister Prince Abdulaziz bin Salman was clear after the recent OPEC meeting at which the cartel agreed to keep stoking an oil-price rally with deeply curtailed production. The battered U.S. oil sector was no longer in a position to wreck his efforts with a new drilling binge.

Shale’s era of “drill, baby, drill is gone forever”, said the prince.

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