Speaking candidly to MEES on the sidelines of the OPEC meeting in Vienna a senior Saudi official says the country’s role as a swing producer is finished. He envisages an “eventual” end to Saudi energy subsidies and touts a new gas find.
The kingdom does not believe that shale oil producers could withstand a fall in oil prices to $70/B, the official tells MEES. Nor does the kingdom necessarily agree with the International Energy Agency’s assessment that shale oil production will peak in 2020 and then decline. (CONTINUED - 1133 WORDS)