Ali Al-Naimi, Saudi oil minister, told OPEC that they must combat the U.S. shale oil boom, arguing against cutting crude production in order to depress prices and undermine the profitability of North American producers.
Al-Naimi spoke about market share rivalry with the U.S., and those who wanted a cut understood that there was no option to achieve it because the Saudis want a market share battle, Reuters reported citing a source.
Oil reached a four-year low below $72 per barrel on Friday.
Secretary General Abdullah al-Badri confirmed OPEC was entering a battle for market share.
OPEC agreed to maintain its ceiling of 30 million barrels per day, at least 1 million above its own estimate of demand for its oil in the first half of next year, according to Reuters.
Al-Naimi spoke about market share rivalry with the U.S., and those who wanted a cut understood that there was no option to achieve it because the Saudis want a market share battle, Reuters reported citing a source.
Oil reached a four-year low below $72 per barrel on Friday.
Secretary General Abdullah al-Badri confirmed OPEC was entering a battle for market share.
OPEC agreed to maintain its ceiling of 30 million barrels per day, at least 1 million above its own estimate of demand for its oil in the first half of next year, according to Reuters.
Source:
Mubasher
