OPEC: Shale gas is not a challenge
According to media reports, OPEC Secretary-General Abdullah al-Badri stated in a conference in Bahrain that shale gas production will not be a major challenge to the cartel.
“You cannot produce shale oil at $70-$80 or $90/barrel prices, you need $100/barrel for profitable shale production,” said Badri, according to reports.
Badri suggested that the market should now decide which source of petroleum could survive at current prices. “OPEC cannot subsidize another source of energy. We would need to gradually reduce production over the course of four to five years in order to counteract the impact of shale gas production on oil pricing,” he said.
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