No intent to drive US shale out of business says OPEC chief

VIENNA, June 22, 2018 (Xinhua) — Saudi Energy Minister Khalid Al-Falih (C) attends the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on June 22, 2018. The Organization of the Petroleum Exporting Countries member states agreed at a meeting here Friday to increase the oil production. (Xinhua/Liu Xiang/IANS)

RIYADH (RAHNUMA): OPEC Secretary Mohammad Barkindo said there was no aim to drive US shale oil producers out of business after the price of US barrels briefly turned negative in April.

He was speaking in a CERAWeek interview ahead of next week’s OPEC+ market monitoring panel meeting. The Organization of the Petroleum Exporting Countries (OPEC) and other exporters including Russia are collectively known as OPEC+. In April the group agreed the single largest output cut in history in response to plunging oil prices that followed in the wake of the coronavirus pandemic.

“There is no objective whatsoever from us as a group or as individual countries to drive US shale production out of business,” said Barkindo. “No. It is not in our interest to do that. It is not in the interest of the global industry to do that. Without the US shale probably, we could have entered into a worse crisis than we are seeing in this pandemic.”

Mohammad Barkindo: There is no objective whatsoever from us as a group or as individual countries to drive US shale production out of business

Mohammad Barkindo: Without the US shale probably, we could have entered into a worse crisis than we are seeing in this pandemic

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