Rising U.S. production has helped oil markets shrug off the Abqaiq attack - but the days of booming domestic output may be coming to an end.
Taken together, the long run of explosive U.S. shale growth is likely coming to an end.
After the Abqaiq attacks, some analysts believe the market is overlooking rising geopolitical risk.
Past experience can offer some guidance, but by every indication the global oil industry is heading into a new age, with unpredictable consequences.
Oil majors continue to ratchet up activity in U.S. shale, even as other producers cut back.
U.S. oil exports recently hit new highs with a record number of export destinations, but shale's recent woes mean continued success is not guaranteed.
Production gains cannot mask the problems facing the shale industry, but the offshore sector is seeing an increase in activity.
An extended period of lower commodity prices will continue to weaken earnings outlooks, making the prospect of merging with—or acquiring—E&P companies more attractive.
With global oil supply outpacing demand, oil traders are shrugging off rising tensions around the Strait of Hormuz.
The top forecasters for the oil market have repeatedly downgraded their estimates for demand. Absent a turnaround in global growth, the pitfalls for the oil market may only grow worse.