Russia Does Not Aim To Target US Shale Oil Production - Energy Minister

Russia Does Not Aim to Target US Shale Oil Production - Energy Minister

Russia has never aimed to suffocate the US shale oil production, which has greatly suffered earlier this year in light of the falling demand and the failure of the OPEC+ to cut the oil production in March, Russian Energy Minister Alexander Novak said on Wednesday

MOSCOW (Pakistan Point News / Sputnik - 17th June, 2020) Russia has never aimed to suffocate the US shale oil production, which has greatly suffered earlier this year in light of the falling demand and the failure of the OPEC+ to cut the oil production in March, Russian Energy Minister Alexander Novak said on Wednesday.

"There was never any goal to target any specific producers or any specific types of resources," Novak said at a videoconference, held by the Bloomberg media outlet, when asked whether Russia aimed to impact the US producers during the energy crisis.

Some experts believe that Russia and Saudi Arabia wanted to suffocate the US shale oil earlier this year when they failed to extend the oil cut agreement, while Riyadh flooded the market with cheap oil, which greatly impacted the profitability of the costly US shale oil production.