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Sunday, 7 May 2017

Apple can’t just make iPhones for ever. What’s next? - Shale industry turns tables on Opec | Business | The Guardian

Apple can’t just make iPhones for ever. What’s next? | Business | The Guardian:

"Oil industry hopes that the price of Brent crude would stabilise at around $60 (£46) a barrel were dashed last week. The price was supposed to rise from the average of $55 seen over recent months, following a squeeze on oil production orchestrated by Saudi Arabia and the 13-nation Opec cartel. An improving global economy was also expected to push the price higher as global demand outstripped supply. Indeed, BP and Shell reported bumper profits last week amid signs of an upturn for the big industry players. But US shale operators have had other ideas. They turned on the taps once the price passed $50 and their derricks became profitable again. This led to the oil price falling below the $50 mark again last week. For consumers, it spells a return to lower prices at the petrol pumps and some relief from rising inflation. For the industry and Opec, however, it confirms that shale provides an effective cap on prices however hard they work."

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