U.S. shale expansion runs counter to OPEC’s global oil strategy

Reuters reports that U.S. shale producers are plotting “ambitious production growth outside the red-hot Permian Basin in Texas, widening a resurgence that could confound” a strategy by OPEC to tighten global supplies. As U.S. shale producers rebound from a two-year price war with OPEC, many are planning to expand production in North Dakota, Oklahoma and other regions such as the Utica and Marcellus shale plays, according to the new service. Reuters notes that Hess Corp., Chesapeake Energy Corp., Continental Resources Inc. and other companies recently detailed expansion projects that would result in a “steady supply of American crude exports through the next decade.” For more, read the full story.
 

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