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Austria: OPEC 'not worried' about increased US shale oil production - Kuwait Oil Minister01:33

Austria: OPEC 'not worried' about increased US shale oil production - Kuwait Oil Minister

Austria, Vienna
January 22, 2017 at 18:03 GMT -00:00 · Published

OPEC is not worried about US shale oil production increase, announced Kuwait's Oil Minister and Chairman of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) Essam Al-Marzouq, in Vienna, on Sunday.

Speaking at the press-conference, which followed the inaugurate meeting of the Ministerial Monitoring Committee at the OPEC headquarters in Vienna, Al-Marzouq said that the growth of US shale oil production was expected because prices go up. However the minister expressed his confidence that this increase would be absorbed by growing demand and those cuts in production, which 24 OPEC and non-OPEC states had committed to following the agreement that was reached last December.

From his side, the current President of OPEC, Qatar Energy Minister Mohammed Al-Sada, said that the global oil market would likely to reach a balance even with an increase in drilling rigs in the United States due to increasing demand.

On December 10th, 2016, the 24 OPEC and non-OPEC producers for the first time in 15 years signed up the unprecedented ‘Declaration of Cooperation’ in Vienna, Austria.

The accord is aimed at reducing stock overhang and rebalancing of the oil market by curbing crude outcome by around 1.8 million barrels per day starting from January 1st.

Austria: OPEC 'not worried' about increased US shale oil production - Kuwait Oil Minister01:33
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OPEC is not worried about US shale oil production increase, announced Kuwait's Oil Minister and Chairman of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) Essam Al-Marzouq, in Vienna, on Sunday.

Speaking at the press-conference, which followed the inaugurate meeting of the Ministerial Monitoring Committee at the OPEC headquarters in Vienna, Al-Marzouq said that the growth of US shale oil production was expected because prices go up. However the minister expressed his confidence that this increase would be absorbed by growing demand and those cuts in production, which 24 OPEC and non-OPEC states had committed to following the agreement that was reached last December.

From his side, the current President of OPEC, Qatar Energy Minister Mohammed Al-Sada, said that the global oil market would likely to reach a balance even with an increase in drilling rigs in the United States due to increasing demand.

On December 10th, 2016, the 24 OPEC and non-OPEC producers for the first time in 15 years signed up the unprecedented ‘Declaration of Cooperation’ in Vienna, Austria.

The accord is aimed at reducing stock overhang and rebalancing of the oil market by curbing crude outcome by around 1.8 million barrels per day starting from January 1st.

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