As OPEC Acts on New Year’s Resolution, U.S. Shale Pumps Away
- Producers increase bearish bets on WTI to highest since 2007
- Saudis cut oil output, while U.S. shale production on the rise
OPEC's Barkindo: Hope to See Balance Return in 2017
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U.S. shale is getting in the way of a New Year’s resolution by OPEC to cut production and boost the market.
Producers and merchants increased their bets on lower West Texas Intermediate crude prices to the highest level since 2007 as futures held above $50 a barrel. The increase in hedging against a price drop signals a comeback in U.S. shale output, just as OPEC members and other producers seek to reduce supply.