While the crude oil market situation and dire forecast for oil exporters catch market's eye, few pay attention to the American petroleum. Dennis Gartman is one of the economists, who does not see a great deal in lowering of oil prices. The famous expert is sure that the shale oil firms will suffer if the global market situation will not stabilize within 2 years. “I am afraid we are going to see demonstrably lower prices still. The demand is weak and that price is going to continue to go down more. There will clearly be bankruptcies,” commented Gartman. The complicated situation forces to lower the demand forecasts, while the number of the supply offers will grow. It is determined by the shale oil revolution in the U.S. The OPEC kept oil production target unchanged, in spite of almost a 50% drop in price. The experts are sure that the crude oil demand will not grow, however the USA will sharply increase its world market shares. The new traders have a lower commitment for exploration and production. As a result, the market is oversupplied and the prices continue to slum. Some drillers with higher production cost are forced to cut the oil extraction.
