Shale is back in charge as Opec chooses to watch and wait:
"Is Opec on the verge of making the same mistake all over again? The cartel managed to ignore the rise of the US shale industry at the start of this decade until its output growth eventually overwhelmed the oil market. That triggered one of the biggest price collapses in history as Opec fought fire with fire, opening the spigots to try and drown out its upstart competitor. But for the past 15 months Opec has returned to market management and supply cuts, in alliance with Russia, after the price collapse from $100 to $30 a barrel became too painful for its members to bear. The result has been stronger oil prices but also the rejuvenation of the shale industry."
'via Blog this'
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