MOSCOW (Reuters) - U.S. shale oil coming to the market is not a concern, Saudi Energy Minister Khalid al-Falih said on Thursday, adding that demand will absorb it.
“Shale coming in and happening again in 2018 doesn’t bother me at all. The market can absorb it,” he said, speaking at an energy forum in Moscow.
Falih said oil demand was healthy around the world, and there was a steady reduction in global oil inventories.
The rebalancing of oil inventories is well under way, he said. The recovery in oil markets has helped other commodities, he added.
Falih also said that Saudi Arabia was looking at investments in India.
Reporting by Jack Stubbs and Katya Golubkova; Writing by Dmitry Solovyov; Editing by Christian Lowe