A leading figure in the US oil industry has insisted the shale slowdown is temporary and rejected claims by Saudi Arabia that it was succeeding in squeezing American shale producers.
Harold Hamm, chief executive of Continental Resources, rejected claims by a Saudi official, reported in the Financial Times yesterday, that the lower oil price had deterred investment in higher-cost sources of oil, such as shale.
“They want to stop shale oil,” he told the FT. “They might for six months but not for the rest of time.”
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