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Texas Shale Is Big Winner as OPEC Deal Brightens Oil Outlook

  • U.S. oil companies add more than $80 billion in value
  • Permian could add 150 rigs to fleet next year: analyst
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Shale Oil Gets a Helping Hand From OPEC Agreement

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The U.S. shale industry, gutted by 2 1/2 years of bankruptcies, writedowns, credit downgrades and layoffs, is poised to step back from the brink, thanks to an old enemy: OPEC.

Abandoning a policy that sought to starve shale explorers and other high-cost drillers into submission, the Organization of Petroleum Exporting Countries relented on Wednesday and agreed to curb output by 1.2 million barrels a day. Other producing nations that aren’t cartel members also signaled plans to cut back by as much as 600,000 barrels, OPEC said.