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Tuesday, 10 October 2017 17:15

OPEC urges U.S. shale oil producers to help cap global supply

OPEC urges U.S. shale oil producers to help cap global supply

OPEC’s Secretary General Mohammed Barkindo on Tuesday called on U.S. shale oil producers to help curtail global oil supply, warning extraordinary measures might be needed next year to sustain the rebalanced market in the medium to long term, , Caspian Energy News ( reports with reference to the Reuters.

“We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle,” said Barkindo.

The comments by the Organization of the Petroleum Exporting Countries official came during a speech delivered at the India Energy Forum in New Delhi.

“At the moment we (OPEC and independent U.S. producers) both agreed that we have a shared responsibility in maintaining stability because they are also not insulated from the impact of this downturn,” Barkindo said, referring to a slide in oil prices that spurred OPEC to agree production cuts late last year. 

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