Is OPEC going to wave the white flag in the war with the U.S. shale producers? OPEC, in a report obtained by Reuter's, says that spite OPEC best efforts to squash U.S. shale production they expect that crude supply from rival non-OPEC producers, led by the U.S., will grow until at least 2017.
The price war in crude oil is over if you want it to be! At least that is the talk in the energy complex where Saudi Arabia declared a price war against the shale producers at the November OPEC meeting.
Fundamentally, crude oil supplies are at record levels here in the United States and globally, yet prices climbed this past week on news of rig and supply counts at places like the Cushing and Baker Hughes facilities.
Brent crude oil headed towards 2015 highs above $68 a barrel on Thursday after official data showed the first drawdown in U.S. crude inventories since January, evidence the market there is balancing after months of heavy oversupply.