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OPEC Expects U.S. Shale to Steal Market Share Until Late-2020s

Alex Longley
OPEC Expects U.S. Shale to Steal Market Share Until Late-2020s

The rise of U.S. shale oil is set to extend well into the 2020s, stealing market share from OPEC, the group said in its latest World Oil Outlook. Total supply from outside of the Organization of Petroleum Exporting Countries will surge by 8.6 million barrels a day from 2017 to 2023, to 66.1 million barrels a day. This will mainly be driven by increases in U.S. shale oil output, the report said.