OPEC Production Keeps Declining as U.S. Shale Surges
Saudi Arabia is set to support an extension of the production cuts when OPEC next meets on May 25
OPEC said Wednesday its output had kept falling in March as members tightened compliance to agreed cuts, but said U.S. producers were enjoying a revival thanks to higher oil prices.
The 13-member Organization of the Petroleum Exporting Countries committed last year to cut about 1.2 million barrels of oil a day in a bid to bring a vast global…
Written by Benoit Faucon