Shale to Make Life Hard For OPEC Again in 2018 According to IEA

December 14, 2017 Share Print 0

“We see that 2018 might not be quite so happy for OPEC producers, ” the Paris-based organization said in its latest monthly report Thursday.The IEA said that there were signs that the rise in U.S. crude oil supply was likely to continue into 2018 and upset rivals who are cutting back.Major oil producing group OPEC and ten non-OPEC producers led by Russia continue to cut production in order to boost global oil prices and rebalance markets put out of kilter in 2014 by a glut in supply and lackluster demand.One of the main beneficiaries of these cuts is the producers’ major competitor, U.S. shale oil. U.S. oil producers are staging a dramatic comeback amid a recovering oil price that has allowed many of them to restart operations.

Source: US shale oil leaves OPEC in difficulty: IEA – CNBC

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Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.