OPEC ministers meet as oil's slump spurs talk of another u-turn

The cartel of petroleum exporters could need to reverse course again as it endures one of its most tumultuous years on record. The members will meet in Abu Dhabi this weekend, and they face a worrying prospect: Though sanctions on Iran remove large volumes of crude from the market, a surge in US shale could unleash a new surplus next year.

Photo: Bloomberg

OPEC is enduring one of the most head-spinning years in its history, swerving from cutting oil production to boosting it as quickly as possible. It may need to reverse course again.

Saudi Arabia and other producers gathering in Abu Dhabi this weekend face a worrying prospect: Even though US sanctions on Iran are removing significant amounts of crude from world markets, a fresh surge of American shale oil threatens to unleash a new surplus in 2019.

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