Former Minister of Energy of Russia and Owner of Energia Fund Igor Yusufov considers that US companies, dealing with slate oil production, will not use the reduction of oil production by Russia and the Middle East countries in order to take their market shares, RNS reports quoting The Wall Street Journal.
US slate oil producers will not attempt to enter key OPEC’s and Russian markets due to low prices, Yusufov said.
“The fact is that the slate oil and gas keep well on the markets, on which there is some certain starting price”, Yusufov wrote in his letter in WSJ letter.
The ex-minister considers that the increase of oil production in the USA will meet the global market demands.
“The global fuel demand will grow due to the economic progress in Asia and in some part of Europe. I believe that there will be room for all oil and gas producers in the market”, he said.
Yusufov optimistically treats the agreements of OPEC, Russia and other oil producers.
“The agreements of such type are not binding for participants; they just reflect the readiness and willingness of producers to stabilize the market. And we will see what will happen”, Yusufov added.
