Saudi Arabia's energy minister said that Russia has helped to breathe new life into OPEC and that shale can be a major contributor to the market in years to come.
"We welcome the contributions of shale as demand approaches 100 million barrels (per day) next year and continues rising," Saudi Arabia Energy Minister Khalid Al-Falih told CNBC on Thursday.
"In the years and decades to come, we want shale to continue to be a major contributor but we believe the pace of its growth will be more important."
Speaking at a CNBC-moderated plenary session at Russia Energy week 2017, Al-Falih said that certain market predictions that shale producers would bounce back at certain price points had proven incorrect.
"We believe that the unreasonable expectations that shale will somehow spring up at certain prices and grow exponentially has been proven to be way unrealistic."
The price of oil collapsed from around $114 a barrel in June 2014 due to weak demand, a strong dollar and booming U.S. shale production. OPEC's reluctance to cut output was also seen as a key reason behind the fall. But, the oil cartel soon moved to curb production - along with other oil producing nations such as Russia - in late 2016.