Saudi Arabia has shale oil but must learn to tap it -minister
WASHINGTON, April 30
WASHINGTON, April 30 (Reuters) - Saudi Arabia's oil minister said his country has a large amount of the type of crude that has led to an energy renaissance in the United States, but it needs to learn how to tap the resource.
"We believe we have tremendous volumes of shale oil; what we need to figure out is how to develop it," Saudi Oil Minister Ali al-Naimi said in a speech at the Center for Strategic and International Studies in Washington.
The United States has led the shale oil boom with advanced drilling technologies, helping to boost its crude production to the highest level in 20 years. (Reporting by Timothy Gardner)
- Tweet this
- Share this
- Digg this
- Ukraine says EU to be guarantor in any Russia gas deal
- Rebound in FTSE halted by drop in BT and commodity stocks
- U.S. nurse defies Maine's Ebola quarantine, takes bike ride |
- Shell outpaces peers with profit growth, keeps spending
- Barclays sets aside 500 million pounds for FX fines as profits rise |