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.
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