OPEC’s Saudi Arabia ‘Welcomes’ US Shale Oil Boom

From Industry Week

Saudi Arabia, an Organization of Petroleum Exporting Countries kingpin, is unconcerned by the U.S. shale oil boom, Oil Minister Ali al-Naimi said Sunday as he met the U.S. energy secretary in Riyadh.

“We discussed the increased production of shale oil in the United States and elsewhere. The kingdom welcomes this new source of energy that helps fulfil the growing world demand for energy, and helps stabilize oil markets,” state news agency SPA quoted Naimi as saying.

In October, oil production in the United States surpassed oil imports for the first time in nearly two decades, helped mainly by production from newly-tapped shale-based reserves.

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