Deeper OPEC Cuts Would Help Shale, Former Qatar Minister Warns
- There’s a risk that OPEC loses market share, al-Attiyah says
- OPEC’s compliance is ‘very good’ even if not 100 percent
A worker prepares to lift drills to the main floor of a rig in the Permian basin outside of Midland, Texas.
Photographer: Brittany Sowacke/BloombergThis article is for subscribers only.
OPEC would hurt itself and help U.S. shale producers if it adopted deeper cuts, the former oil minister of Qatar warned.
"It’s not beneficial for OPEC to deepen their cuts because prices will go up and shale oil producers and others will take OPEC’s market share," Abdullah al-Attiyah said in interview in Istanbul. “The problem is that there is someone waiting in the dark corner for OPEC -- it’s shale oil producers and whenever prices rise, they raise production.”