By: Amr Adel
Abu Dhabi – Mubasher: The return of shale oil will not threaten the markets, but it may impede market rebalance attempts, the UAE minister of energy, Suhail Al Mazroui, said.
Shale oil will not be able to cover the world’s growing demand for crude oil, he stated during the 3rd GCC Petroleum Media Forum.
The upcoming meeting of the Organization of Petroleum Exporting Countries (OPEC) will take place in Vienna in May to discuss the outcome of the oil output reduction agreement, the minister added.
Oil producing countries showed stronger compliance to the agreement in March, OPEC secretary general Mohammed Barkindo said during the same event.
OPEC members agreed in November to trim oil production by around 1.2 million barrels per day for a six-month period, considered the first of its kind since 2008.
Non-OPEC members, led by Russia, trimmed their output by 558,000 barrels per day.
Translated by: Mohamed Hesham Azab