Opec ponders how to co-exist with US shale oil

Vienna

FIRST, they ignored each other.

Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas.

The history of the relationship between the Organization of the Petroleum Exporting Countries (Opec) and the US shale oil industry has evolved a great deal since the cartel discovered it had a surprise rival emerging in a core market for its oil around five years ago.

US shale bankers came to Vienna last week and Opec is readying a trip for its top officials to Texas in a bid to understand whethe…