Related Articles
Forward article link
Share PDF with colleagues

CERAWeek: Shale surge puts Opec in a bind

Tight oil producers were buoyant and Opec accommodating as the global oil industry gathered

This year's CERAWeek confab in Houston marked the latest round in the running Opec vs shale battle. This time around could hardly be more different from two years ago, when Opec was putting the squeeze on the shale industry by flooding the market and sending prices into freefall. Last year, the Saudi oil minister Khalid al-Falih warned his shale counterparts against "irrational exuberance", saying Opec's cuts wouldn't underwrite tight oil growth indefinitely. This year, the shale industry is as confident as ever, having weathered the storm and emerged with a strong tailwind at its back. Tight oil has found a sweet spot at $60 a barrel. The price is high enough to underpin ambitious drillin

Also in this section
Gazprom finds it hard to break with Ukraine
18 May 2018
An international court ruling over gas supply contracts has done little to resolve differences between Gazprom and Naftogaz
Uncertain days for Malaysia's oil industry
18 May 2018
The surprise victory of the opposition alliance in Malaysia could lead to a new relationship between the government and Petronas
ExxonMobil and Chevron go big in the Permian
16 May 2018
It is a new era for the supermajors and the west Texas shale basin as the companies plot aggressive growth plans