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Opec calls on US shale oil producers to slash global supply, prop up prices

US production has soared by almost 10% this year, driven largely by shale drillers

Reuters  |  New Delhi 

Opec's Secretary General Mohammed Barkindo on Tuesday called on US 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. "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 Organisation of the Petroleum Exporting Countries official came during a speech delivered ...

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First Published: Tue, October 10 2017. 12:25 IST