NAGATO (Japan), (Sputnik) – He added that volumes of shale oil production would rise both in the medium and in the long term.
“We should not fear that shale oil will be, so to say, a source for competition because all oil-producing and oil-exporting countries are ready to influence the market and the current [oil] prices … will perhaps stimulate growing production of shale oil but not in such volumes as those in the period of high prices because $50-55 per barrel is much lower [than before]. And in this context we believe that nothing extraordinary will occur if a bit more shale oil is produced,” Novak told reporters.
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