Frenemies: OPEC Finds U.S. Shale Oil an Intractable Problem
- OPEC tries befriending shale after ignoring it, fighting it
- Producers ‘are all in the same boat,’ OPEC’s Barkindo says
The silhouette of an electric oil pump jack is seen near a flare at night in the oil fields surrounding Midland, Texas.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
In front of the Petroleum Club of Midland, Texas -- capital of the booming Permian shale region -- an electronic display flashes two crucial pieces of information: the oil price and the number of drilling rigs.
For the past year, both figures have been climbing as OPEC oil production cuts led to higher prices, spurring added drilling activity in the U.S.