US Shale Output to Stabilise Oil Prices
By Syed Rashid Husain
A flurry of visits by global energy leaders to Riyadh, brought into limelight the growing global shale output, its geopolitical and economic impact on this oil-rich region and the changing global energy horizon.
During his visit to Riyadh early last week, the visiting US Energy Secretary, Ernest Moniz, discussed long-term US energy interests with his Saudi counterparts.
With talks of Washington losing interest in the region, Moniz reportedly assured his Saudi counterparts of Washington’s long-standing and enduring interests in maintaining strong ties with Saudi Arabia and the Gulf region.
And in return Riyadh welcomed the ongoing surge in US shale oil production for its stabilizing effect on crude prices.
Later in the week, IEA Executive Director Maria van der Hoeven, came over discussing the effects of growing US shale oil production on global oil markets.
In the meantime, the IEA, IEF and Opec held its fourth symposium on global energy outlooks at IEF Headquarters in Riyadh last week, facilitating the sharing of insights and the exchange of respective views about the emerging energy market trends, the short, medium and long-term energy outlooks.
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