The Opec cartel is back in control of the world oil market as the shale revolution peters out, according to a number of industry executives who warned of higher prices for crude in the year ahead.
Despite recent record profits, the heads of American shale producers told the Financial Times that rising costs and investor pressure to return cash to shareholders would continue to hamper US supply growth.
The dim outlook is a reversal from the previous decade, when the shale industry’s ability to quickly boost production prompted claims the sector had become a new “swing producer” with market power to rival Opec kingpin Saudi Arabia.
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