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OPEC revises U.S. shale durability upward


December 28, 2015 | UPI | VIENNA, Dec. 23 (UPI) — Oil production from inland shale basins in the United States is expected to be more robust than previously thought, OPEC said in its global outlook.

The Organization of Petroleum Exporting Countries released its much-watched World Oil Outlook report for 2015, outlining its expectations for the global energy sector. OPEC has defended its market share during the past year as higher U.S. oil production pushed sector dynamics heavily toward the supply side. Coupled with weak global economic growth, crude oil prices have plummeted from above the $100 per barrel mark in mid 2014 to below $40 per barrel.

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