OPEC recognizes potential of North American shale oil boom

The Organization of the Petroleum Exporting Countries has dismissed its earlier prediction that North America's shale oil boom will only be "a source of marginal additions" to global supply. According to the organization's annual World Oil Outlook, technological advancements in oil exploration will sharply boost supplies and cut global crude oil needs by 1 million barrels per day over the next five years. The report also found that new supplies of oil from U.S. and Canada would reach 4.9 million barrels per day by 2018.

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