IEA: OPEC Must Extend Cuts To Balance Oil Markets

U.S. shale is poised to outlast OPEC. It has long been the suspicion of many oil market analysts that the U.S. shale industry was likely too nimble for OPEC to really hammer it into oblivion. That proved to be the case after two years of low prices – shale production came off from peak levels, but held up through 2016. That was long enough to force OPEC’s hand. The deal that OPEC put in place late last year, taking a combined 1.8 million barrels per day (mb/d) off the market, really took the pressure off of shale producers. OPEC decided…