OPEC extension a win-win, even for U.S. shale oil producers

2 Dec 2017   OPEC, Shale Oil

A move by parties to an OPEC-led agreement to extend a production cut deal to the end of 2018 is a win-win, including for U.S. shale oil players, analysts said. Ministers from the Organization of Petroleum Exporting Countries and a handful of non-member states, notably Russia, agreed Thursday to extend an agreement that sidelines the equivalent of about 2 percent of total global demand for crude oil through the end of next year. The agreement, implemented in January and meant expire in March, is designed to drain the surplus on the five-year average for global crude oil inventories and Saudi Oil Minister Khalid al-Falih said parties are about halfway to their goal […]

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