OPEC urges US to cut shale production

by Dramelin 7:30 AM 0 comments

OPEC General Secretary, Mohammed Barkindo, called on U.
shale oil producers to help support plans to curb global oil supply on Tuesday, warning that unprecedented measures may be necessary next year in order to rebalance the oil market.
"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," Barkindo said.
North American shale drillers have helped production soar by nearly 10 percent in the U.
this year, according to Reuters, despite OPEC and some other producers — including Russia — cutting supplies in a bid to prop up prices.
Speaking at the India Energy Forum in New Delhi, Barkindo added that the U.
and OPEC had agreed they must find a joint solution in order to ensure stability in the oil market.