OPEC President Says Shale Surge Won't Thwart Plan to Clear Glut
- U.S. shale won’t be ‘huge distorter’ for oil market: Mazrouei
- Stronger demand, compliance with oil cuts seen to buoy prices
OPEC's Control of the Oil Market Is Running on Fumes
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Surging output of U.S. shale oil won’t be a “huge distorter” of efforts by global crude producers to clear a glut, according to 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 the Organization of Petroleum Exporting Countries, said Monday in an interview in Dubai. The market is “on course to restoring balance” for the first time since 2014, OPEC’s Secretary-General Mohammad Barkindo said at a conference in Cairo.