OPEC keeps focus on shale threat

Bloomberg

OPEC officials gathering in Vienna to prepare for next week’s ministerial meeting kept their focus on rising US shale oil production, which has been diluting price impact of production cuts.
National representatives from the OPEC and officials from several non-members heard a presentation on the outlook for the US industry from Roger Diwan, a Washington-based analyst at IHS Markit Ltd., according to delegates familiar with the matter. The emphasis on US production underscores the dilemma for OPEC and its allies as they consider whether to extend their cuts beyond June. The producers, who together account for about half the world’s oil supply, have seen the initial price boost from their historic agreement fade as shale companies deployed more rigs.