This week some comments from OPEC Secretary General Mohammed Barkindo signaled that OPEC may not understand how the U.S. oil industry functions.
Reuters reports that Barkindo urged cooperation from U.S. shale oil producers to help keep the global oil market out of an oversupply situation. Barkindo stated, “We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle.”
