OPEC Now Says U.S. Shale Will Grow Even Faster Than They Previously Thought
- Group raises forecast for shale oil output in annual report
- Shale producers show ‘resilience and ability to bounce back’
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OPEC said shale oil production will grow considerably faster than expected over the next four years after the group’s output cuts triggered a crude-price recovery that helped U.S. producers.
North American shale output will soar to 7.5 million barrels a day in 2021, the Organization of Petroleum Exporting Countries said in its World Oil Outlook report on Tuesday. That’s 56 percent higher than it forecast a year ago. The revised outlook illustrates OPEC’s dilemma: with supply curbs also helping its rivals, demand for the group’s crude will remain little changed until shale oil output peaks after 2025.