OPEC Sees Shale as No Threat; Welcomes Output From Iran, Libya

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“OPEC isn’t threatened by U.S. shale oil production and the group can absorb higher output from its members Iran, Libya and Iraq when supply outages are resolved, according to its Secretary-General Abdalla El-Badri.

“I welcome the tight oil of the United States,” El-Badri said at the Chatham House Middle East and North Africa Energy conference in London today. “Demand will grow and this will not affect OPEC in any way.”

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By Lananh Nguyen and Grant Smith

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