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Saudi Arabia downplays shale boom outside U.S., Canada Published: April 10, 2013

Production of oil from shale deposits outside North America will be too limited and too costly to significantly harm the interests of established oil exporters, the adviser to Saudi Arabia's oil minister said Wednesday, in the most comprehensive response yet from the OPEC heavyweight to an energy boom that is reshaping global markets.

However, Ibrahim al-Muhanna, a close adviser of Saudi Oil Minister Ali al-Naimi, acknowledged for the first time the psychological impact the US shale boom is having on members of the Organization of the Petroleum Exporting Countries, most of whom have so far played down the significance of the phenomenon.

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