OPEC
reduced forecasts for the amount of crude it will need to supply by the most in
at least three years as surging North American shale output reduces reliance on
the group’s supplies, reports Bloomberg.
The
forecast by the OPEC means that officials in Nigeria can no longer live in
denial of the seismic shift in the country’s oil fortunes in the midst of the
shale revolution and Nigeria must now begin to admit that it will have to
become more market-friendly in managing its oil assets.
The
Organisation of Petroleum Exporting Countries (OPEC) expects it will need to
pump an average of 29.2 million barrels a day of crude next year, 200,000 a day
less than it forecast a month ago. The group boosted estimates for supplies
from countries outside OPEC by the same amount. The change implies that OPEC’s
12 members would need to cut output by about 1.1 million barrels a day from the
30.3 million they produced in August.
Brent
crude futures declined below
