Enterprise Television- Opec Assures U.S. Shale Won’t Distort Oil Market
The President of the Organisation of Petroleum Exporting Countries (OPEC) and United Arab Emirates (UAE)’s Energy Minister, Suhail Al Mazrouei, has stated that the increased production of shale oil by the United States will not obstruct the efforts of OPEC and non-OPEC countries to clear the glut in the oil market.
The Managing Director of Nigeria LNG Limited (NLNG), Mr. Tony Attah, said Nigeria must unleash its gas potential and support NLNG’s expansion programme, Train 7 project, in preparation for a world that is fast making efforts to reduce its fossil fuel consumption and minimise carbon footprint.
According to the cartel, the oil price gains triggered more work in exploration and production, not only in the US shale oil sector, but also in the deep US waters in the Gulf of Mexico.
The Secretary General of OPEC, Mr. Mohammad Barkindo, said compliance reached a record level of 129 per cent in December, for a monthly average of 107 per cent last year, and preliminary estimates show that compliance in January will surpass December’s level.
He remarked that with reduced appetite for crude oil as a dependable source of energy, gas is the best option for Nigeria in the future.