Shale production in US will not hamper Opec’s efforts to clear oil glut
Abu Dhabi — Surging output of US shale oil will not be a "huge distorter" of efforts by global crude producers to clear a glut, according to oil cartel Opec’s president. The market should re-balance this year, given robust demand and producers’ compliance with their pledges to curtail supply, United Arab Emirates energy minister Suhail al-Mazrouei, currently the president of Opec, said on Monday in an interview in Dubai. His Kuwaiti counterpart, Bakheet al-Rashidi, said he foresaw world oil consumption growing by 1.6-million barrels a day in 2018 and absorbing additional output from US shale deposits. "Shale is coming and the expectation is that it will come stronger than in 2017, and this is something that we have to watch," Mazrouei said. "But considering all factors, I don’t think it will be a huge distorter of the market." Oil is rebounding from its biggest weekly decline in two years, though gains are limited due to concerns over a resurgence in US shale. The US oil rig count r...
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