From Rakesh Upadhyay: OPEC’s worries about the booming U.S. oil production have increased significantly with the big three oil companies’ interest in shale.
Exxon Mobil Corp., Royal Dutch Shell Plc, and Chevron Corp., are planning $10 billion of investments in shale in 2017, a quantum jump compared to previous years. All the naysayers who doubted the longevity of the shale oil industry may have to modify their forecasts.