Oil producing group OPEC is responsible for salvaging the entire oil industry with its deal to curb output, OPEC’s secretary general told CNBC, but the U.S. shale revolution has helped to prevent “major, major energy chaos” in the world.
“OPEC has been doing a great service,” to producers and global oil markets, Secretary General Mohammad Barkindo told CNBC’s Dan Murphy in Riyadh on Wednesday.
“The decisions that OPEC took, together with our non-OPEC partners, literally rescued this industry from total collapse,” he said.
