Saudi Arabia welcomes U.S. shale, sees no need to cut output | Reuters:
"Top oil exporter Saudi Arabia remains unconcerned by surging U.S. shale output, which threatens to eat into OPEC's market share, and sees no need to cut production to support prices, its deputy oil minister said on Wednesday.
"We need to make sure that the world economy comes out decisively on a growth pattern and, if that can be established, I think that the world economic growth will be sufficient to handle growth from all sorts - shale oil, shale gas, tight oil and including renewable," Prince Abdulaziz Bin Salman Bin Abdulaziz told a conference in Dubai.
"The world economy over the long term will need every contribution of every source of energy available," he said. "The kingdom welcomes new resources of energy supplies, as they are needed.""
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