Fitch: OPEC and allies will not be able to balance oil market

Baku. 3 October. REPORT.AZ/ Lower global production costs, considerable US shale growth potential and shale's ability to quickly respond to changing market conditions should keep average annual oil prices below $ 60/barrel in the long term. But oil prices will remain volatile and could periodically exceed our assumptions.

Report informs citing the Forexpf.ru, Fitch International Rating Agency declared.

"The land rig count in the U.S. lower 48 has risen around 45% since the end of 2016, contributing to a rebound in US crude production to over 9.5 million barrels a day (mmbbl/d) from a trough of about 8.4 mmbbl/d in July 2016. We continue to expect US production growth to remain robust in the second half of 2017 based on the roughly two- to four-month lag between spudding shale wells and production" agency writes.