North Dakota refuses to flinch as OPEC keeps output high

Article Abstract:

[Reuters] – Oil executives in North Dakota, a center of the U.S. shale revolution, say OPEC made a questionable bet when it decided on Friday to stick with a policy that aims to push higher cost American producers out of the market by keeping output high. Here, in the top U.S. oil state after Texas, oil companies have slashed costs over the last seven months to reach fighting weight – one that will allow them to profit despite the more-than 40 percent drop in prices over the past year and solidify the new American role as the world’s swing supplier. The policy OPEC first adopted in November has brought stress, but not catastrophe.

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