(MENAFN- Qatar News Agency) Saudi oil minister Ali al-Naimi on Tuesday called the US push for energy independence "naive," saying the country will continue to need Middle Eastern oil long into the future.
Naimi said he welcomed the surge in US domestic energy production from shale oil and gas fields, which he said will add depth and stability to global oil markets, reported AFP. "Newly commercial reserves of shale or tight oil are transforming the energy industry in America -- and that's great news," he told an audience of policy makers and academics at the Center for Strategic & International Studies in Washington. "It is helping to sustain the US economy and create jobs at a difficult time." "I welcome these new supplies into the global oil market." he added.
On the other hand, he said, it was not realistic to believe this would help the United States eliminate imports of oil, a goal of some Americans who argue energy independence is crucial for the country's security. Despite the domestic production gains, US imports of Middle East oil in the second half of 2012 were higher than any time since the 1990s, Naimi said.
The United States "will continue to meet domestic demand by utilizing a range of different sources, including from the Middle East. This is simply sound economics."Â
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