(MENAFN) Saudi Petroleum and Mineral Resources Ministry said that OPEC must combat the US shale oil boom instead of focusing on cutting crude output, like Venezuela, Iran and Algeria wanted, which would only result in increasing America's profitability, Arab News reported.
The Ministry said that it is confident that the oil price would recover as demand will ultimately pick up and that the OPEC member need to focus on their market share, which the US has been fighting them on with its Shale oil.
The decline in oil prices, which has started in June, has been mainly attributed by a boom in shale oil production as well as a weaker growth in China and Europe.
These factors have led OPEC to make a strategic choice by deciding to maintain its ceiling of 30 million barrels per day, at least 1 million above its own estimate of demand for its oil in the first half of next year.
"OPEC is always fighting with the US because the US has declared it is always against OPEC. Shale oil is a disaster as a method of production, the fracking. But also it is too expensive. And there we are going to see what will happen with production," Venezuelan Foreign Minister said.
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