OPEC says its price war is driving U.S. producers out of business

The Organization of the Petroleum Exporting Countries (OPEC) says the demand for oil will rise during 2015 because the cartel is winning its price war against U.S. shale producers by driving them out of business, reports Time magazine. “Higher global refinery runs, driven by increased [summer] seasonal demand, along with the improvement in refinery margins, are likely to increase demand for crude oil over the coming months,” OPEC said in its “Monthly Market Report” issued April 16. According to Time, the OPEC report also said U.S. shale producers are starting to feel the pinch of low oil prices, citing data gathered by oilfield services company Baker Hughes that shows the rig count in the United States fell by 238 in March. For more, read the full story.
 

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