Shale v Opec
The shale industry is itching for the chance to start growing again. Opec’s Algiers deal might just be it
When Opec abandoned its experiment with laissez-faire oil-market management in Algiers, announcing a tentative deal to manage supply-and boost prices-the shale industry's cheerleaders were quick to declare victory. The truth is that two years on the sides have fought to something more like a bloody draw. No clear winner was going to emerge, and both only faced more pain the longer the fight went on. The shale industry has stemmed the bleeding of late, but it is still reeling from its fight with Opec. US crude production is down nearly 1m barrels a day from the peak in April 2015 to 8.69m b/d as of July (the most recent month for reliable data). It seems to have kept dropping since then. Tigh
Also in this section
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
