OPEC's El-Badri: Not Concerned About Increasing Shale Supply
VIENNA - The Organization of the Petroleum Exporting Countries is not particularly concerned about the rise of shale gas production in the U.S., the group's secretary general said Thursday.
Growing demand from Asian countries would ensure there is room for different sources of energy, whether coal, gas or crude oil, Abdalla El-Badri said at a press conference held after the release of OPEC's World Oil Outlook report.
He also said the OPEC members always sought a balanced price for their oil, one that was neither too high, nor too low, and that they were watching the situation in the market carefully.
"If we see something out of control we will act accordingly," Mr. El-Badri said.
Benoit Faucon contributed to this article.
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