Sources to Reuters: OPEC Has Been Informed That it Expects Limited Growth in US Oil Production at Present

OPEC sources said that OPEC officials have heard from industry experts that US oil production growth will likely remain limited in 2021 despite higher prices, giving the organization more leverage to manage the market in the short term before a possible strong increase in shale crude production in 2022.

Officials from the Council of the OPEC Economic Committee and external representatives attended a meeting on Tuesday focused on US production, the sources said. The Organization of the Petroleum Exporting Countries was briefed by more stakeholders by issuing forecasts for the 2021 and 2022 prospects at a separate meeting on Thursday.