OPEC is not afraid of the dominance of shale oil from USA

Oil producers are not worried about growth of oil production in the United States as a result of rising oil prices, as growing demand, said the Minister of oil of Kuwait Essam al-marzouk.

The Minister noted that the level of production of shale oil in the US will depend on its value.

Thus, the portion of deposits is cost-effective at the current price level, and some are not.

Today futures on Brent crude oil for March delivery rose in price to 55.5 dollars per barrel, reports Bloomberg. Artovskih futures on WTI fell to 53.2 per barrel.

As reported, OPEC revised its forecast of oil production in the United States.

In the first post-agreement OPEC and non-OPEC forecast shows that instead of the anticipated month-ago forecast of a decline of 150 thousand b/d, oil production in the US in 2017 will increase by 80 thousand b/d – up to 13.7 million b/d.