HOUSTON—During the nearly two years since oil prices first nosedived there have been a lot of accusations of price wars between the U.S. shale industry and OPEC thrown around.At CERAWeek by IHS Markit on March 7, OPEC Secretary General Mohammad Barkindo decided to clear the air: “For the record, we didn’t have any war.”Instead, Barkindo said he and OPEC viewed the U.S. shale revolution as a welcomed relief due to lost production at the time from Libya, Iran and Nigeria—his home country. Without U.S. shale, he said the global economy probably would’ve faced a “deep crisis.”
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