The Traderszone Network

Published in TZ Latest News 27 May, 2015 by The TZ Newswire Staff

OPEC sees rivals boosting oil output despite weak prices

The North American oil boom is proving resilient despite low oil prices, producer group OPEC said in its biggest and most detailed report this year, suggesting the global oil glut could persist for another two years. A draft report of OPEC’s long-term strategy, seen by Reuters ahead of the cartel’s policy meeting in Vienna next week, forecast crude supply from rival non-OPEC producers would grow at least until 2017.

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