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OPEC Is About to Crush the U.S. Oil Boom

  • U.S. oil output almost back down to level of last OPEC meeting
  • Saudi-led strategy is paying off, says Societe Generale
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Best of the Web: How OPEC is Affecting U.S. Crude Output

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After a year suffering the economic consequences of the oil price slump, OPEC is finally on the cusp of choking off growth in U.S. crude output.

The nation’s production is almost back down to the level pumped in November 2014, when the Organization of Petroleum Exporting Countries switched its strategy to focus on battering competitors and reclaiming market share. As the U.S. wilts, demand for OPEC’s crude will grow in 2015, ending two years of retreat, the International Energy Agency estimates.