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Tuesday, 17 January 2017

Saudi Arabia energy minister downplays US shale threat

Saudi Arabia energy minister downplays US shale threat:

"Saudi Arabia’s energy minister said Tuesday that Opec had little to fear from an immediate recovery in the US shale oil industry, with production unlikely to rise substantially in the near future. Khalid al Falih, speaking at the World Economic Forum in Davos, said that while US output has rebounded in recent months he did not believe the US could add 2-4m barrels a day to keep up with demand growth any time soon. “What has been tapped recently is the most prolific areas,” Mr Falih said of the US shale industry. “As demand rises they will go to the more expensive, more difficult, less prolific areas in the shale and they will find that they need higher prices.”"

'via Blog this'