CERAWeek: Shale surge puts Opec in a bind
Tight oil producers were buoyant and Opec accommodating as the global oil industry gathered
This year's CERAWeek confab in Houston marked the latest round in the running Opec vs shale battle. This time around could hardly be more different from two years ago, when Opec was putting the squeeze on the shale industry by flooding the market and sending prices into freefall. Last year, the Saudi oil minister Khalid al-Falih warned his shale counterparts against "irrational exuberance", saying Opec's cuts wouldn't underwrite tight oil growth indefinitely. This year, the shale industry is as confident as ever, having weathered the storm and emerged with a strong tailwind at its back. Tight oil has found a sweet spot at $60 a barrel. The price is high enough to underpin ambitious drilling
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