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Boom in US shale output to stay over 20 years: BP

Reduced market requirement for Opec crude likely to persist in near term

Published Wed, Feb 18, 2015 · 09:50 PM
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BOOMING US shale output, which helped spark slumping oil prices, will continue over the next 20 years but start to slow, increasing demand for Opec crude, BP forecast on Tuesday.

The British energy giant revealed its verdict in an annual global Energy Outlook report which covers the period 2013-2035. "The current weakness in the oil market, which stems in large part from strong growth in tight oil production in the US, is likely to take several years to work through," BP said.

World oil prices have collapsed by 60 per cent between last June and January, hit by a global supply glut exacerbated by surging US shale production. In reaction, the global energy sector has slash…

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