LONDON/HOUSTON—OPEC and U.S. oil companies expect a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help the organization and its allies.
OPEC this month cut its 2021 forecast for U.S. tight crude, another term for shale, and expects production to decline by 140,000 barrels per day (bpd) to 7.16 million bpd. The U.S. government expects shale output in March to fall about 78,000 bpd to 7.5 million bpd and also sees an annual drop.
