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U.S. oil boom divides OPEC

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By Benoit Faucon, Sarah Kent and Hassan Hafidh

LONDON (MarketWatch) — Rising American output of shale oil is rewriting global trade patterns and deepening fault lines within the Organization of the Petroleum Exporting Countries, limiting its ability to mount a collective response.

A crucial OPEC meeting in Vienna on Friday will mark the first stage of a debate on shale’s oil’s impact.

The meeting is unlikely to lead to a change in production levels, several OPEC delegates said — but inaction would set the stage for a future showdown. “We are heading toward some problems,” a delegate from a Persian Gulf OPEC member said.

Oil output from the U.S. and Canada is set to rise about 21% from this year to 2018, according to data from the International Energy Agency, largely a result of growing production from fracking and other technologies that


Added: May-28-2013 Occurred On: May-28-2013
By: Detroit Iron
In:
Other News
Tags: OPEC, Shale gas
Location: United States (load item map)
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