KUWAIT CITY, March 26. /TASS/. Russia’s oil sector feels confident in the current economic situation and has no fear of rivalry with US shale oil, Russian Energy Minister Alexander Novak said in an interview with Kuwaiti newspaper Al-Seyassah.
"We can say that Russia’s oil sector feels confident and is not afraid of rivalry on the part of shale oil producers," Novak said.
The minister explained that the cost of producing oil at Russia’s deposits is "one of the lowest in the world and can be compared only with the Persian Gulf countries."
According to the forecasts, the oil consumption this year will grow by at least 1.2 or 1.3 mln barrels per day, Novak said.