Permian Shale Oil Boom Holds Good News and Bad News for OPEC - Bloomberg:
The year has barely begun but it’s already shaping up nicely for OPEC, with crude rebounding sharply after the worst fourth-quarter performance since 2014.
A new production cuts deal with Russia and thawing U.S.-China trade relations have given the market a boost. But for the Organization of Petroleum Exporting Countries, good news often comes hand-in-hand with bad news. For that, look no further than the Permian basin.
The biggest shale play in the U.S. is set to pump 3.8 million barrels a day this month, according to Energy Information Administration data. That’s more than the United Arab Emirates, OPEC’s third-largest producer.
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