Saudi Arabia, OPEC’s main oil producer, will continue to shoulder heavy responsibilities as the organization and its allies are almost forced to extend their efforts to curb the U.S. shale boom to a fourth year, Bloomberg reported in London on July 2.
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Saudi oil minister Khalid Falkh said at a news conference Monday night that Saudi Arabia was willing to continue to reduce the amount exceeding its quota requirements.
Amrita Sen, chief oil analyst for energy, said: “This is a commitment to reduce inventories, no matter what they pay for it.” Saudi Arabia is likely to keep production at around 10 million barrels a day, below their target and “if needed in nine months, they will continue to trade.”
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Alpha Lich hinted as early as 2016 that Saudi Arabia, Russia and other OPEC + coalition oil producers would only need six months to cut supplies, but he seems increasingly caught up in the struggle to seize control of the global oil market from the American shale industry.
“I have no doubt that American shale will peak, peak and then decline like any other basin in history.” Al-Fallich told reporters at OPEC headquarters in Vienna. “Before that, I think that for those of us at stake, as well as for those who want to protect the global economy and provide visibility for the future, we need to be cautious about continuing to adapt to this situation.”
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