OPEC Concedes That U.S. Shale Won’t Die

OPEC just significantly overhauled its expectations for North
American shale, projecting strong supply growth through the early
2020s. The revision came as part of OPEC’s World Oil Outlook (WOO),
and it represents an acknowledgment from the cartel that it has
failed to kill off U.S. shale by flooding the market. There was
still some hope for OPEC at this point last year. In the 2016
version of its WOO, OPEC predicted that North American shale would
decline from 4.9 million barrels per day (mb/d) in 2015 to just 4.1
mb/d in 2017 – a…

OPEC just significantly overhauled its expectations for North
American shale, projecting strong supply growth through the early
2020s. The revision came as part of OPEC’s World Oil Outlook (WOO),
and it represents an acknowledgment from the cartel that it has
failed to kill off U.S. shale by flooding the market. There was
still some hope for OPEC at this point last year. In the 2016
version of its WOO, OPEC predicted that North American shale would
decline from 4.9 million barrels per day (mb/d) in 2015 to just 4.1
mb/d in 2017 – a…