OPEC Assures US Shale Won’t Affect Global Oil Market

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The President of the Organisation of Petroleum Exporting Countries (OPEC) and United Arab Emirates (UAE)’s Energy Minister, Suhail Al Mazrouei, has stated that the increased production of shale oil by the United States will not hamper the efforts of OPEC and non-OPEC countries to clear the glut in the oil market, a report by ThisDay newspaper confirmed.

This is coming as the Managing Director of Nigeria LNG Limited (NLNG), Mr. Tony Attah, has said Nigeria must unleash its gas potential and support NLNG’s expansion programme, Train 7 project, in preparation for a world that is fast making efforts to reduce its fossil fuel consumption and minimise carbon footprint.

In its monthly Oil Market Report (OMR) released Monday OPEC attributed the increase in US shale oil production to steady gains in the price of crude oil since the middle of last year. According to the cartel, the oil price gains triggered more work in exploration and production, not only in the US shale oil sector, but also in the deep US waters in the Gulf of Mexico.

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