Arabia’s energy minister has no quarrels with U.S. shale and even sees output cuts by OPEC and its allies as directly aiding American drillers. “The action we have taken, quickly in December and that we’re seeing implemented as we speak, is a lifeline to U.S. shale producers,” Khalid Al-Falih said at a conference in Abu Dhabi.
The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed to cut oil output this year to support prices. The group and its allies, known collectively as OPEC+, said they would start to trim 1.2 million barrels of daily production this month to stabilize the market. They already reduced output by 600,000 barrels a day in December, Al-Falih said last week.
Crude producers in the U.S. are pumping a record 11.7 million barrels a day, according to the Energy Information Administration. Read More
Latest posts by Financial Express (see all)
- Record for Indian Railways! Ahead of flag-off, new Mumbai–Delhi Rajdhani gets fully booked in just 5 hours - January 19, 2019
- Indian Railways to invest Rs 18,000 crore on solar power units along tracks - January 19, 2019
- 24×7 power for all Indians: India catching with the concept of ‘one nation, one grid’ - January 19, 2019