After the pain, Opec close to halting US oil

After a year suffering the economic consequences of the oil price slump, Opec is finally on the cusp of choking off growth in US crude output.

The nation’s production is almost back down to the level pumped in November, when the Organisation of Petroleum Exporting Countries switched its strategy to focus on battering competitors and reclaiming market share.

As the US wilts, demand for Opec’s crude will grow in 2015, ending two years of retreat, the International Energy Agency estimates.