Oil prices could tumble again on U.S. shale influx: Total CEO

21 Apr 2017   Prices

Oil prices could fall again by the end of the year due to a rapid increase in U.S. shale production, the chief executive of French oil and gas giant Total said on Thursday. Crude has recovered from lows reached in January 2016 and has mostly hovered above $50 a barrel since the beginning of the year following an agreement by the Organization of the Petroleum Exporting Countries to cut production. “The price may fall again … U.S. producers who have recovered quickly, will regenerate an influx of supply by the end of the year and this could have a negative impact on the markets,” Patrick Pouyanne said during a conference in Paris. U.S. shale oil producers are planning to expand production following the rebound in prices. “The OPEC agreement is in place and […]

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