Saudi Arabia approves of U.S. shale, won't cut oil production

11/26/2013 | Reuters

Saudi Arabia is not worried about growing U.S. shale production and is not considering reducing production to stabilize oil prices, said the country's deputy oil minister, Prince Abdulaziz Bin Salman Bin Abdulaziz. "We need to make sure that the world economy comes out decisively on a growth pattern, and if that can be established, I think that the world economic growth will be sufficient to handle growth from all sorts -- shale oil, shale gas, tight oil and including renewable," he said. The increase in global oil prices over the past four years and the stability of the market have made shale production profitable, he said.

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