OPEC had expected a sharp drop in the US production with the continuous American production to improve service and lower costs. OPEC preserved its policy unchanged despite the huge decline in oil prices to more than 50% since June, but managed to mitigate the pace of the US shale oil.
The United States has made a jump in shale gas production, turning it from one of the largest importer of gas in the world to a major exporter and with the continuous challenge between Saudi Arabia and the United States to double their production to occupy the first places in shale gas production.
The International Energy Agency stated that earlier the number of drilling rigs in the United States declined by 55% due to falling crude prices, and that OPEC has won the battle to defend their shares In the market.
It is noteworthy that Prince Abdul Aziz bin Salman, the Saudi deputy oil minister stated that his country is moving to produce four billion cubic feet per day of shale gas within the next ten years. He pointed to a project to expand the production of between 25 and 55 million cubic feet of shale gas per day in the next year.