Oil demand offsets the increase in shale production in the United States, said al-falih

© RIA Novosti / Vitaly to Belowaverage in fotomancer of energy of Saudi Arabia Khalid al-falih. Archival photoOil demand offsets the increase in shale production in the United States, said al-falih© RIA Novosti / Vitaly to Belowaverage the image Bank

The production of shale oil in the US will continue to grow, however the increase in demand for «black gold» compensates for this increase, said the Minister of energy of Saudi Arabia Khalid al-falih.

«Shale oil production will rise, but the market is huge, and I think there are factors that compensate for that. For example, the increase in demand, which offsets the increase in extraction «oil shale,» said al-falih.

«We have to recognize that shale oil is part of the market,» he added.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. In November last year, OPEC+ decided to extend the agreement before the end of 2018.

Sunday in Oman held a meeting of the OPEC Ministerial Committee that was established to monitor compliance with the Vienna agreement and to make recommendations for its improvement. It includes the representatives of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.

Oil demand offsets the increase in shale production in the United States, said al-falih© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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