The active extraction of energy resources by method of fracking (the hydraulic fracturing of formation) will not let crude oil price to rise above $ 60 a barrel in the United States.
Such an opinion was expressed by Abdullah al-Badri, Secretary General of the Organization of Petroleum Exporting Countries (OPEC) during a speech at the annual international oil and gas conference IHS CERAWeek in the USA, TASS reports.
“I do not know how we will live with it”, – the American agency Bloomberg quotes the speech of Al-Badri in the US in respect to shale oil extraction.
OPEC’s Secretary General pointed out that if the crude oil price on global markets increases to $ 60 per barrel, US companies, applying hydraulic fracturing method, will increase extraction at once.
“In case of any increase of crude oil price the shale industry will respond immediately and will override all reductions of extraction volumes”, – he said.
According to Al-Badri, the situation on crude oil markets is now more complex than ever before.
“If in 2017 or 2018 prices go up, the increase will be limited to US shale oil – he explained -. That’s why the situation is different this time.”
Previously the Managing Director of the International Monetary Fund Christine Lagarde expressed her opinion that crude oil prices will remain at low levels longer than expected.
