Opec's 2017 balancing act could face headwinds from US shale
As producer countries aim to cut production to bring oil prices up to US$58, shale firms may upend Opec's plans
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AFTER pulling off the biggest oil-market deal in a decade, the Organization of Petroleum Exporting Countries (Opec) faces a new balancing act in 2017: boosting prices without igniting shale.
The first shale boom had spurred a global supply glut that started prices sliding in mid-2014, and was amplified in November that year by a pump-at-will Opec strategy aimed at market dominance. During the ensuing rout, prices in New York fell from more than US$100 a barrel to US$26.05 in February, straining the budgets of companies and countries alike.
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