shale oil producers are one of beneficiaries of current oil recover
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Shale oil producers are one of beneficiaries of current oil recover

Arab Today, arab today

Arab Today, arab today Shale oil producers are one of beneficiaries of current oil recover

Shale oil producers are one of beneficiaries of current oil recover
Abu Dhabi - WAM

Suhail Al Mazrouei, Minister of Energy and Industry, has said that the current recovery of the oil market is due to market forces which benefit OPEC and shale oil producers alike.

He made his comments while taking part in the UAE Ministry of Energy and Industry Knowledge Series panel discussion entitled, "Oil and Gas Outlook to 2020, What Stage of Cycle are We in?" on the inaugural day of ADIPEC at the Abu Dhabi Exhibition Centre.

The minister said that shale oil producers are needed as part of the equation, "We cannot exclude them, or think that they are working against us," he said, adding, "Yes, they are one of the beneficiaries of the correction in oil prices."

He also referred to the forecast of oil demand in the past, saying that now it is better than what was predicted. He said, "When we started the deal, the expectations were about how much the shale oil producers would produce, and if you check the data you will find that they were not achieving the level of production that they were thinking."

He said that when the oil prices went down, the market applied significant pressure on the services companies, so the shale oil producers have to work harder to improve. "Some of those improvements are here to stay, some of those improvements are eating their margins, so they cannot sustain it long. However, they continue to invest because they cannot shut down their operations. Some efficiency improvements are going to stay," Al Mazrouei, added.

He said that shale oil producers need higher average prices to give incentives to investors.

Talking about OPEC's rotating presidency, the minister lauded the efforts of Khalid Al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources. He said that Al-Falih has done excellent work in terms of diplomacy to keep the group together and bring achievements for the organisation.

"It takes connection, it takes travel and efforts, not only on part of the minister but on each member state to reach that conformity level," he said. "I hope that I will continue the good work that he has done, although it is not going to be easy, because we still have moving parts in the equation. The conformity level that has been achieved is great."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

shale oil producers are one of beneficiaries of current oil recover shale oil producers are one of beneficiaries of current oil recover

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

shale oil producers are one of beneficiaries of current oil recover shale oil producers are one of beneficiaries of current oil recover

 



GMT 20:53 2018 Monday ,22 October

PM Imran Khan to leave for Saudi Arabia today

GMT 08:20 2018 Tuesday ,16 January

Lamborghini races to new sales record

GMT 00:19 2017 Wednesday ,13 December

Switzerland chainsaw attack: 5 hurt in Schaffhausen

GMT 09:51 2017 Tuesday ,07 November

Broadcom makes $130 bn mega-bid

GMT 20:53 2017 Tuesday ,07 March

Syrian forces retake Aleppo water-pumping station

GMT 11:15 2017 Monday ,01 May

Hanan Metawe reveals details of her accident

GMT 03:07 2017 Monday ,27 March

Bulgaria's Borisov bounces back again

GMT 22:18 2017 Thursday ,16 November

Hariri to arrive in France Saturday to meet Macron

GMT 06:43 2017 Monday ,13 February

Pakistan retaliates after US denies politician visa

GMT 07:49 2017 Tuesday ,28 November

Hussein Fahmy underlines financial sources
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday