The Wall Street Journal reports that OPEC’s top official said that continuing to produce 30 million barrels a day, despite drastically lower oil prices, is hurting U.S. producers who specialize in tight oil locked in shale formations.
“Projects are being canceled. Investments are being revised. Costs are being squeezed,” said Abdalla Salem el-Badri, the secretary general of the Organization of Petroleum Exporting Countries [OPEC], at the Middle East Oil and Gas conference, which was held in Bahrain.
“If we don’t have more supply, there will be a shortage and the price will rise again.”
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