PARIS: The battle for market share in the global oil market between OPEC countries led by Saudi Arabia and US shale oil producers is not over, the head of the International Energy Agency said.

“There is still spare capacity in the Kingdom. But we now have light tight oil in the US,” IEA Executive Director Maria Van der Hoeven said.

She said OPEC countries, meeting in Vienna, were keen to protect their share of the oil market, but that technology and innovation was helping a raft of small US producers cut their production costs.

“(OPEC producers) want to keep their share of the market, that’s one thing that’s for sure. But what I mentioned to them as well is: don’t think the battle of the market share is over,” she said.