Saudi Oil Minister Ali Al-Naimi Monday said the rise of unconventional energy sources doesn’t threaten his country’s dominant role in world oil supply because demand also is increasing.
“I don’t think anyone should fear new supplies when set against increasing global demand,” Naimi said in a speech at the Brookings Doha Center. “More companies and nations are competing for their slice of the energy pie, that’s true. But the pie is getting bigger and there is enough to go around.”
Saudi Arabia, the world’s largest crude producer, has seen its lead narrow sharply in the past year as a result of the boom in US shale oil.
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