U.S. shale producers called to OPEC balancing effort

OPEC Secretary General Mohammad Sanusi Barkindo calls North American shale producers to do their part in the effort to balance an oversupplied market for crude oil. Photo courtesy of the Organization of Petroleum Exporting Countries Oct. 10 (UPI) — Operators working in shale basins in the United States are called on to do their part to bring the oil market back to balance, OPEC’s secretary general said. Members of the Organization of Petroleum Exporting Countries and a handful of non-member states started an effort to drain the surplus on the five-year average in global crude oil inventories through managed production declines in January. The agreement stands until March. Speaking at an energy conference in New Delhi, OPEC Secretary General Mohammad Sanusi Barkindo said oil demand growth in 2018 should be “quite robust,” while commercial oil stocks in the world’s advanced economies continues to fall. Barkindo said the effort in […]

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