OPEC Influence Wavers as U.S. Shale Roars Back

January 24, 2024/in /by Rudolf Huber

Does anyone remember Qatar leaving OPEC? OK, Qatar is not exactly a major oil power but still. Now it’s Angola taking a hike. And that’s one of the biggest African producers. Shale has always been a sort of a golden bullet against OPEC. All OPEC can do is make cuts, flood the market, make announcements, and hope that the world does not find out how toothless it all is. OPEC does not matter anymore. And as soon as the world wakes up to the necessity of more shale in developed countries, much of OPEC will be reduced to serving the holdouts. It’s a spent force.

OPEC Influence Wavers as U.S. Shale Roars Back | OilPrice.com

The U.S. has defied expectations with a significant increase in oil production, challenging OPEC's influence on the global oil market.

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