U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.
Perry, a former governor of Texas, the heartland of the U.S. shale oil boom, was speaking at a rare joint panel with Russian and Saudi energy ministers, Alexander Novak and Khalid al-Falih, at the World Economic Forum in Davos.
“I don’t think American shale production will be a spoiler. There is a lot of reforms going on around the world – in the kingdom (of Saudi Arabia), in Mexico, in India – those reforms have the potential to really drive the consumption,” he said. Read More…
U.S. Tells Russia, Saudi Shale Oil Won’t Be Crude Oil Market ‘spoiler’ added by ET Energy World on
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