The world needs shale oil producers to continue operating and a fair price for oil would allow them to do so, UAE Energy Minister Suhail Al Mazrouei said at an energy conference in Abu Dhabi on Tuesday.
Earlier, Mr Mazrouei had criticised shale oil producers, saying they were responsible for oversupply in the market and that Opec was sticking to its current production strategy in order to send them that message.
But later, in answer to a question, Mr Mazroui said shale oil was an important part of the market and its supply should not be eliminated.
“I’m not going to give you a price but I would suggest something we all know, that the shale oil producers are very important for the market supply and we all need them to stay,” he said.
“So if that is the case, since they are producing almost 4 million (barrels per day) today, I think whatever price that makes shale oil continue to be produced is going to be the fair price for the conventional producers to produce, whether 60 or 70 or 80 or whatever figure - that is where the market will stabilise.”
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