The hottest Saudi energy minister, oil prices will

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Saudi Minister of energy: the oil price will continue to rise, do not worry about the resurgence of shale oil

Saudi Minister of energy: the oil price will continue to rise, do not worry about the resurgence of shale oil

June 03, 2016

[China paint information] Saudi Arabia's new choice of a suitable model of electronic universal testing machine, energy minister Khalid al Falih said after the organization of Petroleum Exporting Countries (OPEC) meeting on Thursday (June 2), The oil market is in good shape, and all trends do not allow them to place expensive high-performance continuous fiber materials only where necessary. I believe that oil prices will continue to rise. At the same time, he is not worried that the rebound in oil prices will make shale oil comeback

OPEC failed to reach a clear agreement on its oil production strategy on Thursday because Iran insisted on a substantial increase in production, but its old rival Saudi Arabia promised not to supply a large amount of oil to the market and tried to repair relations within the organization

in fact, Saudi Arabia and its Gulf allies tried to propose OPEC to set a new collective ceiling before the meeting to revive the declining importance of the organization. However, due to Iran's obstruction, the new policy or production ceiling was not determined at the end of the meeting on Thursday

however, the tension at the meeting was not so tense. Falih said that Saudi Arabia wanted to ease the atmosphere, and Iran's oil minister shaangani also unusually maintained only a minimal criticism of the Saudi government

Falih said, "this OPEC meeting is very cooperative, and all oil ministers agree on the fundamentals. At the same time, any artificial oil production ceiling will be premature. Governments of all countries will decide the production and capacity level of their countries."

he also stressed, "OPEC will not just say nothing but do nothing, but may not return to the old way of managing the oil market."

Falih pointed out, "when the oil price is at $50 a barrel, it is not expected that a large amount of shale oil will flow into the market, and it is not worried about the resurgence of shale oil." But he is still deeply worried about the high inventory.

in addition, OPEC member states also unanimously decided to appoint Mohammed barkindo of Nigeria as the new secretary general, and reached a rare compromise after years of quarreling over this matter

Falih commented on this, "the internal structure of the new OPEC secretary is relatively loose, and he is highly respected and fully competent."

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