VERONA (Sputnik) — Oil prices in excess of $50 per barrel could drive US producers to ramp up shale oil production, the chief executive of Russia’s Rosneft oil major said Thursday.
"A price above $50 will stimulate oil drilling in the United States, increasing output and market volatility," Igor Sechin told journalists in Verona, Italy.
31 August 2016, 16:29 GMT
Sechin said earlier he did not expect US shale oil to leave the internal market to rival Russian oil exports to the Asia-Pacific Region.
Global oil prices have dropped from some $110 a barrel to values below $50 since mid-2014. This eventually led to an agreement within the Organization of the Petroleum Exporting Countries (OPEC) to discuss a cap on oil output next month, in a bid to end the production glut and shore up prices.
