Shale Is Confounding Everybody, But Never Mind - Bloomberg Gadfly:
"If anyone doubted that the U.S. shale industry has completely upended the oil market, just look at how it's complicating OPEC's next meeting.As the group prepares to decide on Nov. 30 whether to extend output cuts to the end of 2018, it has no idea how much competition to expect from shale. Nor does anybody else, for that matter.Forecasting output growth used to be a relatively simple undertaking. Developing oil fields had a lead time of several years and the flow of new oil coming from them was reasonably visible over a 12-month horizon."
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