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OPEC to resist sabotage by Shale gas producers – Kachikwu
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OPEC to resist sabotage by Shale gas producers – Kachikwu

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Nigeria’s Minister of State for Petroleum, Ibe Kachikwu says the Organisation of Petroleum Exporting Countries (OPEC) will resist any deliberate action by shale producers to sabotage the oil market.

In their continuing efforts to stabilise the oil market, 14 OPEC member countries and 10 participating non-OPEC producing countries, led by Russia, extended their production adjustments for a further period of nine months.

The move will keep two per cent of global production off the market in an attempt to boost prices.

OPEC has acknowledged the global clout of shale but seeks to hinder its growth by keeping just enough oil supply on the market to hold prices below $60 per barrel.

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