Saudi Arabia Oil Min Naimi: Expecting to begin to produce shale gas next year; to produce 20-50M cubic feet of shale gas in 2016
- Saudi is not competing with shale oil. welcomes all types of energy development
- Saudi's recoverable oil reserves stand at 267B bbl
- Any talk about the end of OPEC is unrealistic; Saudi still supports a strong OPEC
- Prepared to bring stability to the market and prices, but OPEC cannot do it alone, will continue to produce 10M bpd of oil per day over the coming years (produced 10.3M bpd in March)
- Saudi military activity in Yemen has no impact on Saudi oil output
- Expecting oil prices to improve in the near future