OPEC is between two hard realities that are grinding down on it like millstones. On one side, shale drillers have proven way more resilient than they all thought. Turns out that they can survive things that would be absolutely mortal for any OPEC country. And on the other side, the artificial growth of China is sputtering which will have an impact on oil demand. Is this OPEC’s twilight?
Budget needs are forcing Saudi Arabia to push for oil prices of at least $70 per barrel this year, industry sources say, even though U.S. shale oil producers could benefit and Riyadh’s share of global crude markets might be further eroded.