| Oil producing cartel says there are signs that the US is losing the price war. The Organisation of the Petroleum Exporting Countries (Opec) has given the clearest signal yet that it believes it is winning its oil price war with the US shale industry.
The group of 12 mainly Middle Eastern producers has said that output from outside the cartel in 2016 will be over 100,000 barrels per day (bpd) lower than it had previously predicted, as lower prices shut down more production. In its closely-watched monthly market report, Opec said: “There are signs that US production has started to respond to reduced investment and activity. Indeed, all eyes are on how quickly US production falls.”..............................................Full Article: Source
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