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Oil price slump will not stem flow of US oil, says Opec

Posted on 29 May 2015

Despite almost a year of low oil prices, the world’s biggest producers say that the North American oil boom shows no signs of abating, leading analysts to suggest that the global oversupply of oil could continue for at least another two years.
The Organisation of Petroleum Exporting Countries (Opec) will meet in Vienna next week to discuss its long-term strategy. A draft report seen by Reuters predicts that rather than contracting, oil production will continue to increase over the next two years as rival non-Opec producers – especially those in the US – expand their operations…………………………………Full Article: Source


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