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OPEC sees no threat from shale oil boom

Posted on 11 February 2014

The Organisation of Petroleum Exporting Countries (OPEC) is not threatened by the U.S. shale oil production and the group can absorb higher output from its members, Iran, Libya and Iraq when supply outages are resolved, according to its Secretary-General Abdalla El-Badri.
“I welcome the tight oil of the United States,” El-Badri said at a recent Chatham House Middle East and North Africa Energy conference in London, Bloomberg quoted El-Badri as saying. He added: “Demand will grow and this will not affect OPEC in any way.”……………………………………….Full Article: Source


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