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.

Copyright (c) 2012 Dow Jones & Company, Inc.


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Estimator/Project Manager
Expertise: Project Controls|Project Management
Location: Weatherford, TX
Engineering Manager
Expertise: Crew Chief|Engineering Manager|Manufacturing Engineering
Location: Corona, CA
Account Manager
Expertise: Business Development
Location: Denver, CO
search for more jobs

Brent Crude Oil : $51.92/BBL 5.42%
Light Crude Oil : $48.53/BBL 4.90%
Natural Gas : $2.47/MMBtu 0.81%
Updated in last 24 hours