Low oil prices haven't tempered output from rivals, says Opec

London

THE North American oil boom is proving resilient despite low oil prices, the Organisation of Petroleum Exporting Countries (Opec) said in its biggest and most detailed report this year, suggesting the global oil glut could persist for another two years.

A draft report of Opec's long-term strategy, ahead of its meeting in Vienna next week, forecast supply from rival non-Opec producers would grow at least until 2017.

Sluggish global demand for oil means the call on Opec's crude will fall from 30 million barrels per day (bpd) in 2014 to 28.2 million in 2017, effectively leaving the group with two options - cut output from current levels of 31…