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Wary OPEC comes to terms with shale gale

from Financial Post

Demand for OPEC crude could fall by a million barrels per day within five years, as North American tight oil chips away at the group's influence on global markets. OPEC, which has long dismissed North America's tight oil production surge as marginal, said in its annual report that shale's impact could be "significant," and the combination of production from North America and other rivals would reduce demand for OPEC crude to 29.2 million barrels per day in 2018, compared to 30.3 million bpd today. more

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