OPEC Keeps Production Levels and Dismisses Shale “Scarecrows”
Oil ministers from Organization of the Petroleum Exporting Countries (or, OPEC) member countries see no reason to temper oil production in 2014. Saudi Oil Minister Ali Al-Naimi said he is “optimistic the market will stay balanced and stable next year,” and that shale gas will not threaten either Saudi Arabia or OPEC. Al-Naimi was speaking at a meeting of the Organization of Arab Petroleum Exporting Countries (or, OAPEC) in Doha, Qatar.
Al-Naimi forecast stability for the oil market in 2014. ”God willing, there will not be any oversupply. We know that the world consumes more than 30 billion barrels a year, and any new supply will be welcome,” Al-Naimi said. The Times of Oman carried his remarks, as well as those by other OPEC leaders.
Kuwaiti Oil Minister Mustafa Al-Shemali also does not perceive shale gas to be a threat. ”OPEC can meet demand for years to come, so don’t make shale oil a scarecrow for OPEC and other producers,” he remarked. Oil Minister for Libya, Abdulbari Al-Arusi, reportedly said the country is ready to use force to reopen rebel held oil export ports. Iran is also preparing to return to the world-oil stage, now that sanctions on the country by the U.S. have been eased.