We’ve defeated the shale revolution, claims Opec | The Times

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Low oil prices finally damage US production

Opec was on the verge of claiming victory over its North American rivals last night after its strategy of squeezing out the shale industry by flooding the markets with oil appeared to be vindicated.

The oil producers’ cartel said that falling prices would force lower production from its rivals by the end of this year, with American and Canadian producers particularly affected.

Opec, led by Saudi Arabia, has maintained production levels even as crude prices have collapsed 70 per cent from their level in 2014. In its first monthly report of the year, Opec said that its policy was starting

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