OPEC Acknowledges the Scale of the Shale Boom
- Group raises non-OPEC supply growth by 260,000 barrels a day
- OPEC’s forecasts are catching up with those by the IEA
OPEC's Control of the Oil Market Is Running on Fumes
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OPEC for the first time is forecasting that new oil supplies from its rivals will exceed growth in demand this year as the U.S. industry thrives.
The Organization of Petroleum Exporting Countries raised its expectation for supply growth from the U.S. and other producers for a fourth consecutive month, according to its monthly market report. The outlook suggests efforts by the group and Russia to clear a global glut by cutting supply are backfiring, as new production emerges, particularly in the U.S.