OPEC Expects North American Shale Oil Output to Jump

by Benoit Faucon, WSJ, Nov 8, 2013

Two years after dismissing North America's shale-oil boom as "marginal," OPEC changed its tune Thursday acknowledging, the new extraction technology could sharply cut the need for the group's own oil. According to the organization's annual World Oil Outlook, technological advancements in oil exploration will sharply boost supplies and cut global crude oil needs by 1 million barrels per day over the next five years. The report also found that new supplies of oil from the U.S. and Canada would reach 4.9 million barrels per day by 2018. That was more than double last year's forecast of 1.7 million barrels per day by 2018.
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(A brief summary made available from SmartBrief  - D.R.)