Opec’s decision, led by Saudi Arabia, to not cut oil production has put pressure on US shale gas producers which in turn has put brakes on America’s energy boom, the chief executive of Royal Dutch Shell said in an interview with the Financial Times.

Ben van Beurden said that Opec’s decision in the face of soaring US output and weaker-than-expected demand had sent a strong signal that Riyadh would not “underwrite the price” by utilising its supplies to balance the market. He stopped short of predicting a sharp fall in US output and said efforts by companies to cut costs and improve efficiency meant production would likely remain at current levels.