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Russia’s Energy Minister Novak sees no threat in possible shale oil output growth

December 15, 2016, 16:22 UTC+3 NAGATO
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NAGATO, December 15. /TASS/. Russia’s Energy Minister Alexander Novak sees no threat from a possible shale oil production growth. In an interview with reporters, he did not agree with the fact that it can neutralize the efforts of OPEC to reduce oil production to stabilize the market.

"We do not have to fear that shale oil will start a competition," Novak said. "We understand that the demand for oil production will continue to grow steadily in the medium and long term, and in order to cover this demand, only to production from conventional fields is needed, but also production on complex fields such as production of shale oil," Novak said.

According to Novak, "from the point of view of supply and demand balance in the medium term we do not see anything that could be a problem."

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