Saudi Arabia declares open war on shale

‘Riyadh says it will not reduce crude production at its own expense and that high-cost American oil producers should make the cuts.

Oil minister Ali al-Naimi says the current crude oversupply should be addressed by less efficient producers.

The high-cost producers in question are US shale fields, Canada’s oil sands and deepwater projects. And this is the first time al-Naimi has so openly talked about Saudi Arabia’s oil policy.’

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