Moscow—Saudi energy minister Khalid al-Falih played down the threat of rising US shale production Wednesday, highlighting a deepening strategic relationship between OPEC and Russia which is set to continue after the OPEC/non-OPEC crude output cut extension expires in March 2018. Falih, who was meeting with Russian energy minister Alexander Novak and OPEC Secretary General Mohammed Barkindo on a visit to Moscow, outlined four drivers at play in the market: robust oil demand growth, the natural decline in legacy oil fields, investment cuts of $3 trillion over the last few years with a continued lack of sizable investments in long term projects, and the OPEC-led agreement to balance the market.
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