IEA sees price impact from OPEC deal spurring U.S. production Oil majors focusing investment on most profitable projects The world should get used to oil prices between $50 and $60 a barrel as falling costs in America’s shale fields counteract OPEC’s renewed commitment to supply management. That’s the consensus among executives, traders and officials gathered at the annual Oil and Money conference in London. A prolonged period of crude trading in that range would signal that while the worst has passed for the global industry, there’ll be more financial pain ahead for oil-exporting countries and subdued profits at the largest energy companies. The price outlook was reinforced in an unusually open speech by a board member of state monopoly Saudi Aramco, where he suggested the world’s biggest oil exporter doesn’t expect prices to rally much further before the end of the decade. “A $50, $60 oil price — absent […]