OPEC on Tuesday forecast the shale oil output in the next decade will grow much faster than expected, saying the shale will play a more important role in the market.
U.S. shale crude output will soar to 8.25 million barrels a day in 2025, compared to the previous assumption in 2016 of 5.54 million barrels a day, the Organization of the Petroleum Exporting Countries(OPEC) said in its World Oil Outlook report. It's nearly 50 percent more than the prediction in 2016.
OPEC also admitted that U.S. shale oil could survive in the market competition, showing its resilience.
OPEC and other oil produces including Russia started to cut production by 1.8 million barrels a day at the beginning of this year, and are meeting in Vienna on Nov. 30 to decide whether to extend the cut to curb production beyond the end of next March.