OPEC not against shale oil, organization's secretary general says
Baku, Azerbaijan, Nov. 27
The Organization of the Petroleum Exporting Countries (OPEC) is not against shale oil, the OPEC Secretary General Abdalla Salem El-Badri told reporters Nov. 27, the Russian news agency RIA Novosti reported.
El-Badri made the remarks prior to an OPEC meeting.
"We welcome shale oil as another addition to the proposal. We do not think that there is a collision," he said, asked about a possible confrontation between OPEC, including Saudi Arabia, and the shale oil producer, the US.
In late October, El-Badri said the hard-to-recover oil offers, including shale oil, will fall by 50 percent in a short term, if oil prices remain at current levels.
The price of Brent crude oil in the morning on Nov. 27 renewed over a four-year low - about $75.6 per barrel.
It is not clear whether OPEC will take the decision to reduce the limit of oil production to assist the raise of prices in the market.
Edited by SI