{"id":2231,"date":"2014-11-30T08:29:45","date_gmt":"2014-11-30T13:29:45","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2231"},"modified":"2014-11-30T08:29:45","modified_gmt":"2014-11-30T13:29:45","slug":"oil-enters-new-era-as-opec-faces-off-against-shale-who-blinks-as-price-slides-toward-70-bloomberg","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2231","title":{"rendered":"Oil Enters New Era as OPEC Faces Off Against Shale; Who Blinks as Price Slides Toward $70? &#8211; Bloomberg"},"content":{"rendered":"<p><a href=\"http:\/\/www.bloomberg.com\/news\/2014-11-27\/oil-in-new-era-as-opec-refuses-to-yield-to-u-s-shale.html\">Oil Enters New Era as OPEC Faces Off Against Shale; Who Blinks as Price Slides Toward $70? &#8211; Bloomberg<\/a>.<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0px; margin-bottom: 28px; font-size: 1.1em; line-height: 1.3125em;\">OPEC\u2019s decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to U.S. shale drillers.<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0px; margin-bottom: 28px; font-size: 1.1em; line-height: 1.3125em;\">The 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged even after the steepest slump in oil prices since the global recession, prompting speculation it has abandoned its role as a swing producer. Yesterday\u2019s decision in Vienna propelled futures to the lowest since 2010, a level that means some shale projects may lose money.<\/p>\n<p style=\"box-sizing: border-box; margin-top: 0px; margin-bottom: 28px; font-size: 1.1em; line-height: 1.3125em;\">\u201cWe are entering a new era for oil prices, where the market itself will manage supply, no longer Saudi Arabia and OPEC,\u201d said\u00a0<a style=\"box-sizing: border-box; cursor: pointer; color: #003399; text-decoration: none; outline-style: none; outline-width: initial; outline-color: initial; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-style: normal; font-weight: bold;\" href=\"http:\/\/topics.bloomberg.com\/mike-wittner\/\">Mike Wittner<\/a>, the head of oil research at Societe Generale SA in\u00a0<a style=\"box-sizing: border-box; cursor: pointer; color: #003399; text-decoration: none; outline-style: none; outline-width: initial; outline-color: initial; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-style: normal; font-weight: bold;\" href=\"http:\/\/topics.bloomberg.com\/new-york\/\">New York<\/a>. \u201cIt\u2019s huge. This is a signal that they\u2019re throwing in the towel. The markets have changed for many years to come.\u201d<\/p>\n<p><span class=\"Apple-style-span\" style=\"color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 16px; line-height: normal;\"><\/span><span class=\"Apple-style-span\" style=\"color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23px;\">The fracking boom has driven U.S. output to the highest in three decades, contributing to a global surplus that\u00a0<a style=\"box-sizing: border-box; cursor: pointer; color: #003399; text-decoration: none; outline-style: none; outline-width: initial; outline-color: initial; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-style: normal; font-weight: bold;\" href=\"http:\/\/topics.bloomberg.com\/venezuela\/\">Venezuela<\/a>\u00a0yesterday estimated at 2 million barrels a day, more than the production of five OPEC members. Demand for the group\u2019s crude will fall every year until 2017 as U.S. supply expands, eroding its share of the global market to the lowest in more than a quarter century, according to the group\u2019s own estimates.<\/span><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil Enters New Era as OPEC Faces Off Against Shale; Who Blinks as Price Slides Toward $70? &#8211; Bloomberg. OPEC\u2019s decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to U.S. shale drillers. The 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[331,1519,592,600,723],"class_list":["post-2231","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-fracking","tag-fracking-boom","tag-oil-price","tag-opec","tag-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2231"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2231\/revisions"}],"predecessor-version":[{"id":2232,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2231\/revisions\/2232"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}