Flanked by Russian Energy Secretary Alexander Novak, OPEC Secretary General Mohammad Sanusi Barkindo, Iraq Oil Minister Jabbar Ali Al-Luiebi and Mexico`s deputy oil minister Aldo Flores-Quiroga, Al-Falih said he was satisfied with the progress.
There had been much talk about whether the resurgence of shale drilling would impact the OPEC agreement, which has stabilized oil prices above $50 per barrel.
Al-Falih said he was quelling concerns raised in Houston about shale production.
The global oil industry, including major shale players, were present at the week-long conference, and the question repeatedly for OPEC members and Russia were whether there was compliance to the agreement and whether it might be extended in May.
"The comeback of shale to a certain degree is not only welcome and acceptable but is necessary because of demand growth and the decline elsewhere," Al- Falih said.
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