The United Arab Emirates - OPEC's fourth-largest crude oil producer – does not feel threatened by the U.S. shale boom, according to the country's energy minister.
The United States has overtaken Saudi Arabia to become the world's biggest oil producer as the jump in output from shale has led to the second-biggest oil boom in history, leading U.S. energy consultancy PIRA said this month.
"I'm not threatened by that dynamic," UAE Energy Minister Suhail Mohammed Al Mazrouei told CNBC in an interview on Monday during Singapore International Energy Week.
"Definitely there are countries - as members of OPEC [Organization of Petroleum Exporting Countries] - that will be impacted because their conventional market is the U.S."
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