American oil inventories are at all time highs thanks to shale production.
And the Saudis do not want to talk about it.
At OPEC’s biannual meeting Friday, the Wall Street Journal’s Summer Said and James Herron asked Saudi oil minister Ali Al Naimi what he thought of all the new crude being pumped in the U.S.
Naimi’s answer was basically: talk to the hand.
Why are you all excited all of a sudden on shale? You know why, because you like to chit chat…you are an agent of disturbance,” he said, pointing a finger at his questioner. “Leave us alone and leave all these issues. We had enough of shale oil and talks of shale. Please talk about anything else,” he said, switching from English to Arabic.
OPEC left production rates unchanged.