LONDON: The Organisation of the Petroleum Exporting Countries (Opec) and its friends have just received some uncomfortable reading. At the same time, though, the EIA boosted its outlook for US oil production. The EIA now sees US production reaching 9.22 million barrels a day by December, an increase of 320,000 barrels over the year. The big question is to what degree will the group and its members comply with what they said they'll do, and how much extra boost that will give to the US shale oil industry. Opec is already talking of extending the time frame for its output cuts when it meets in May.

Source: The Star January 15, 2017 23:49 UTC