U.S. SHALE OIL BOOM
REUTERS - U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.
Perry, a former governor of Texas, the heartland of the U.S. shale oil boom, was speaking at a rare joint panel with Russian and Saudi energy ministers, Alexander Novak and Khalid al-Falih, at the World Economic Forum in Davos.
"I don't think American shale production will be a spoiler. There is a lot of reforms going on around the world - in the kingdom (of Saudi Arabia), in Mexico, in India - those reforms have the potential to really drive the consumption," he said.
OPEC led by Saudi Arabia and non-OPEC Russia have reduced production during 2017-2018 to prop up oil prices.
The United States, which rivals Russia and Saudi Arabia for the position of the world's largest oil producer, is not participating in cuts as its industry is represented by private producers who can be sued for collusion if they join the deal.
Perry said President Donald Trump's slogan "America First" meant first of all competition with rivals including in oil markets.
"We have a bit of a feast rather than famine now but it is good for the world," he added.
Novak and Falih both said the markets were too much focused on the swings in U.S. shale production, which still represented a fairly modest portion of the global output.
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