U.S. Shale Oil Output Seen Surging If Crude Reaches $60 a Barrel
- Brent crude hit one-year high on Saudi-Russia oil pledge
- U.S. output slumped on low price; rig count now rising
Birol: Oil Producers Face Serious Challenges to Economies
This article is for subscribers only.
Crude at $60 a barrel would probably trigger a strong increase in North American oil output, the head of the International Energy Agency said, amid signs that OPEC members and Russia may be edging toward an agreement to limit production.
Benchmark Brent crude hit a one-year high above $53 a barrel on Monday when President Vladimir Putin said Russia was willing to work with the Organization of Petroleum Exporting Countries to stabilize the market. A deal could lift prices as high as $60 by the end of this year, Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said at the World Energy Congress in Istanbul.