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

Oil Price | Nick Cunningham

OPEC’s World Oil Outlook predicts that North American shale output will rise from 5.1 mb/d in 2017 to 7.5 mb/d by 2021 and 8.7 mb/d in 2025.

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.

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