OPEC Frets About New Flood of U.S. Oil

Group boosts 2018 non-OPEC production-growth forecast by 16%
OPEC, allies to meet in Oman this weekend to discuss strategy

OPEC's Control of the Oil Market Is Running on Fumes

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By Angelina Rascouet

January 18, 2018 at 11:45 AM UTC

This article is for subscribers only.

OPEC increased its forecast for rival oil-supply growth for a second month running after a recovery in prices sent Brent crude to $70 a barrel.

OPEC’s output cuts -- now entering a second year -- have been successful in eroding bloated stockpiles and lifting prices to a three-year high. Yet the rally has prompted concern that competitors in the U.S. will be emboldened to expand production.