On the subject of possible insolvency let’s include American...

On the subject of possible insolvency let’s include American shale which is already insolvent. Production and supply costs massively out strip what the market is now prepared to pay and shale is already loaded with massive debt.
Without mega government subsidies the US shale industry will cease to exist, no wonder Trump is trying to broker a deal his presidency may depend on it.
Massive US supply cut backs are unavoidable creating a supply void that will be eagerly taken up by OPEC and Russia the low cost producers.
China must be the main beneficiary of all these shenanigans.