US Shale Oil Production To Continue To Grow, But Midterm Prospects Unclear -Russia's Novak

MOSCOW (UrduPoint News / Sputnik - 25th December, 2018) The shale oil production will continue to growth in the United States, however, its pace in medium term is uncertain, Russian Energy Minister Alexander Novak said in an interview.

"[The shale oil production] will be growing since such technologies have been objectively created today and they are cost-effective with low prices," Novak said in an interview with Russia's Kommersant newspaper.

However, according to the Russian energy minister, there are likely to be certain difficulties with sustaining the production's growth in medium term.

"There are certain difficulties with attracting investment and slowdown in productivity growth. The volatility on the market will first of all result in failure to make investment decisions on more costly projects like tar sands and deep sea projects," Novak indicated.

The minister, at the same time, stressed that the US shale oil's share in world's production was quite small (about 6 million of the world's 100 million barrels per day).