HOUSTON (Sputnik) — Saudi Arabia is investing in the shale oil industry to produce in the future, but at present has no plans to extract shale oil, he added.
“We remain committed to supplying a large portion of the world energy demand on purely commercial terms, we are not chasing a greater market share,” al-Naimi stated. “Let me assure you our purpose is not market share, our purpose is satisfying our customer demand.”
“We are going to produce it [shale oil] one of these days, we are spending money on that,” al-Naimi stated. “We are finding shale oil, shale gas, no plans to produce it today.”
Riyadh is welcoming shale oil development and exploration, Ali al-Naimi said.
“I have no concerns about demand that is why I welcome new additional supply, including shale oil,” al-Naimi stated.
