IEA: OPEC Must Extend Cuts To Balance Oil Markets

U.S. shale is poised to outlast OPEC. It has long been the
suspicion of many oil market analysts that the U.S. shale industry
was likely too nimble for OPEC to really hammer it into oblivion.
That proved to be the case after two years of low prices – shale
production came off from peak levels, but held up through 2016.
That was long enough to force OPEC’s hand. The deal that OPEC put
in place late last year, taking a combined 1.8 million barrels per
day (mb/d) off the market, really took the pressure off of shale
producers. OPEC decided…

U.S. shale is poised to outlast OPEC. It has long been the
suspicion of many oil market analysts that the U.S. shale industry
was likely too nimble for OPEC to really hammer it into oblivion.
That proved to be the case after two years of low prices – shale
production came off from peak levels, but held up through 2016.
That was long enough to force OPEC’s hand. The deal that OPEC put
in place late last year, taking a combined 1.8 million barrels per
day (mb/d) off the market, really took the pressure off of shale
producers. OPEC decided…