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
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