American Producers of Shale Oil Ready for Dialogue with OPEC

US shale oil producers are interested in negotiations with OPEC. reports RBK. `We started a dialogue with the US producers for the first time last year. I was surprised with warmth they met our initiative. They called us to continue this dialogue“. said Mohammed Barkindo. General Secretary of the cartel. Talking about the cooperation prospects. he said oil cartel is going to continue the dialogue with shale producers in Q42017 and extend cooperation with the US companies which have not established the contact with OPEC. He said it is not worth ignoring additional volumes of oil they output in the first half year and will bring more until the end of the year. `The representative of Saudi Arabia has already called them `an elephant in the room.` he said. Answering the question about production growth in 2017. M. Barkindo said according to the preliminary prognosis the organization expects to see zero growth this year. He added the industry has never seen this situation before. `For us it is a direct threat for the future oil supplies. The world will keep on demanding oil in the near future.` he added. He said output in non-member states will keep on growing. `The outlook on oil production in non OPEC states. including the US- especially it concerns shale oil. will be growing. It is one of the main problems negatively affecting the market.` he said.

About core

Check Also

China’s Crude Oil Imports Hit a Record High in 2023

China’s crude oil imports hit a record high in 2023, rising by 10% year-over-year and …

Leave a Reply

Your email address will not be published. Required fields are marked *