Saudi Arabia, IEA discuss effects of rising US shale production on global oil prices

RIYADH, Saudi Arabia – Saudi Arabia’s oil minister and the head of the International Energy Agency have met in the kingdom to discuss the effects of growing U.S. shale oil production on global oil prices.

The Saudi Press Agency says Ibrahim al-Naimi met IEA Executive Director Maria van der Hoeven in Riyadh on Thursday.

Earlier this week, al-Naimi was quoted by the Saudi Press Agency saying that the kingdom welcomes the new source of energy to keep up with global demand. He made his comments after meeting with U.S. Energy Secretary Ernest Moniz on Sunday.

Oil exports are the backbone of Saudi Arabia’s economy.

The International Energy Agency says that as a result of new exploration technologies, the U.S. will become the world’s largest oil producer by around 2020, temporarily overtaking Saudi Arabia.