Oil producing group OPEC is responsible for salvaging the entire oil industry with its deal to curb output, OPEC's secretary general told CNBC.
Oil producing group OPEC is responsible for salvaging the entire oil industry with its deal to curb output, OPEC's secretary general told CNBC, but the U.S. shale revolution has helped to prevent"major, major energy chaos" in the world.
Asked for his perspective on the U.S. Congress' consideration of antitrust legislation that could hurt OPEC – specifically, the"No-Oil Producing and Exporting Cartels Act" bill that could allow OPEC to be sued for coordinating production and influencing oil prices – Barkindo said actions taken by OPEC had in fact helped U.S. producers.
The fall in prices was largely attributed to weaker global demand amid a supply glut from the likes of the U.S. which has experienced what's known as the 'shale revolution' which has made it the largest oil producer in the world, as well as major producers Saudi Arabia and Russia. The fall in oil prices hit producing nations hard, especially in the U.S., whose producers have higher production costs.
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