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US oil chief reacts to ‘gloating’ Saudis with vow that shale will bounce back

A leading figure in the US oil industry has insisted the shale slowdown is temporary and rejected claims by Saudi ­Arabia that it was succeeding in squeezing American shale producers.

Harold Hamm, chief executive of Continental Resources, rejected claims by a Saudi official, reported in the Financial Times yesterday, that the lower oil price had deterred investment in higher-cost sources of oil, such as shale.

“They want to stop shale oil,” he told the FT. “They might for six months but not for the rest of time.”

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