U.S. Shale Sends OPEC Deal Back To Square One

14 Dec 2017   OPEC, Shale Oil

True to its perpetually optimistic form, OPEC, which last month for the first time conceded to the threat posed by rising U.S. shale production…  sharply raised its demand forecast for cartel oil in 2018, ahead of the OPEC meeting at the end of November. And, according to OPEC’s latest market report for the month of December, demand is set to continue rising, with global oil demand projected to grow at around 1.53 mb/d in 2017, in line with last month’s forecast. China is projected to lead oil demand growth in the non-OECD, followed by Other Asia – which includes India – and OECD Americas. Which means that an unexpected Chinese landing, whether hard or soft, will have an adverse impact on oil in addition to all other commodities. (Click to enlarge) Separately, in 2018, world oil demand is expected to grow by 1.51 mb/d according […]

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