Saudi Oil Minister Ali al-Naimi on Monday said the rise of unconventional energy sources doesn't threaten his country's dominant role in world oil supply because demand also is increasing.
Saudi Oil Minister Ali al-Naimi on Monday said the rise of
unconventional energy sources doesn't threaten his country's dominant role in world
oil supply because demand also is increasing.
"I don't think anyone should fear new supplies when set against increasing
global demand," Mr. Naimi said in a speech at the
Brookings
Doha
Center
. "More
companies and nations are competing for their slice of the energy pie, that's
true. But the pie is getting bigger and there is enough to go around."
Saudi Arabia
, the
world's largest crude producer, has seen its lead narrow sharply in the past
year as a result of the boom in
U.S.
shale
oil.
U.S.
crude
production in November and December topped 7 million barrels a day for the
first time in 20 years. At the same time,
Saudi
Arabia
reduced its oil production to
9.025 million barrels in December, 5% less than in November. It was the
kingdom's deepest cut in almost three years, reflecting weaker demand, chiefly
from Asian nations.
The
U.S.
government recently forecast that
U.S.
crude
output will swell to 7.5 million barrels a day within six months. The
International Energy Agency, which represents key oil consumers, has predicted
the
U.S.
will
overtake
Saudi Arabia
by
2020.
Mr. Naimi said the
U.S.
"will undoubtedly have a greater role to play," in the global energy
scene but oil outlook remains strong, particularly from Asian countries.
Last month, Mr. Naimi said that prospects for global production of shale gas
and oil--including in China, Ukraine, Poland--were so promising that the
kingdom might not need to continue with its decades-long policy of maintaining
an output cushion in case of disruptions in global supply.
Saudi Arabia
itself intends to remain a world energy powerhouse for the foreseeable future,
partly by exploiting new technology that has unlocked vast quantities of oil
and natural gas in
North America
. It will push ahead this year
with exploratory drilling of shale and other unconventional gas reserves which
Mr. Naimi has said could be twice as large as its conventional gas reserves,
which total 286 trillion cubic feet.
Mr. Naimi said Monday he was certain that Gulf members of the Organization of
Petroleum Exporting Countries will continue to fulfill their role as stable
suppliers of energy to world markets.
"We are working to boost economic growth at home, and we will continue to
work with our customers across the world to ensure we meet all demand going
forward," he added.
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