LONDON/HOUSTON—OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC and its allies. OPEC this month cut its 2021 forecast for U.S. tight crude, another term for shale, and expects production to decline by 140,000…
OPEC, US Oil Firms Expect Subdued Shale Rebound Even as Crude Prices Rise
Oil Gains on Continued OPEC+ Cuts and US Stocks Draw
LONDON—Oil prices extended gains on Thursday after the OPEC+ alliance of producers stuck to its reduced output policy and U.S. crude stocks fell, with optimism over a new U.S. pandemic relief bill adding further price support. Brent crude futures gained 24 cents, or 0.41 percent, to $58.70 a barrel by 1346 GMT, having earlier hit…
OPEC Crude Output Cuts Should Help US Shale Profits in 2021
HOUSTON—A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. U.S. crude oil production has fallen 2 million barrels per day in…
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