OPEC Squeezed by U.S. Shale

Oil production from U.S. shale will leave OPEC little scope to expand influence

The U.S. will dominate global oil markets for years to come, satisfying 80 percent of global demand growth to 2020, the International Energy Agency said. That means the shale boom will keep OPEC under pressure, giving the cartel little scope to expand output even after its production cuts expire this year. The forecast kick-starts the annual CERAWeek conference, a gathering of thousands of oil executives, traders, bankers and investors in Houston.

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