Google+ Followers

Wednesday, 30 November 2016

Leaner and meaner: U.S. shale greater threat to OPEC after oil price war | Reuters

Leaner and meaner: U.S. shale greater threat to OPEC after oil price war | Reuters:
"In a corner of the prolific Bakken shale play in North Dakota, oil companies can now pump crude at a price almost as low as that enjoyed by OPEC giants Iran and Iraq.

Until a few years ago it was unprofitable to produce oil from shale in the United States. The steep slide in costs could encourage more U.S. shale output if OPEC members cut supplies, undermining the producer group's ability to boost prices. OPEC ministers meet Wednesday to weigh output cuts to end a two-year glut that has pressured global oil prices."

'via Blog this'