Published on MarketWatch
In the absence of shale oil, Omar Al-Ubaydli, a program director at the Bahrain Center for Strategic, International and Energy Studies, said he believes oil producers would agree to extend the output cut deal.
But if the extension is secured, U.S. shale-oil will continue to expand, he said.
“I believe that [OPEC has] underestimated the positive reaction from shale oil, and that in light of this, I would say the likelihood of an extension is around 40%, heading downward,” said Al-Ubaydli
Still, “in an attempt to maintain market confidence, rather than doing ‘no deal’, they may do a reworked deal to project unity,” he said.
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