Putin: Shale Oil Technologies Are ‘Barbaric’! People Get Black Slurry Instead Of Tap Water (Video)
Putin: Shale Oil Technologies Are ‘Barbaric’! People Get Black Slurry Instead Of Tap Water Video from Russia-Insight
Russian President Vladimir Putin: Firstly, Russia has a major influence on the global energy market. But the greatest effect comes from working in conjunction with other major producers. Only coordinated efforts bring the best results for global energy markets. In this sense, we will continue working with Saudi Arabia and the Gulf and OPEC countries as part of the OPEC+ system created in recent years. This is my first point.
We may have differences over minor issues, but we share one common goal. The challenge is to build a balanced market that is acceptable for producers and consumers alike. Most importantly – I would like to emphasise this – it must be a predictable market.
With regard to production volumes, Russia was number one in the world not so very long ago. Output is not an end in itself. Incidentally, despite certain restrictions, the total production volume in Russia has slightly increased.
If we are speaking about shale oil, let us wait for the Americans to spend their money on developing innovative technology for the production of shale oil, and then we can walk off with it. We have to see if we are interested in this technology at all and then buy it inexpensively.
We are working on it ourselves as well. We really do not have to walk off with anything (I am just joking, or they will blare it out for the entire world to hear); so, we are closely following this.
The fact is that today’s technologies of shale oil and shale gas production are, without any exaggeration, barbaric and bad for the environment. In some areas of shale oil production, people get black slurry instead of tap water in their homes. We will never use such production technology no matter how lucrative it may be. We can produce oil off the shelf and on land, so we do not have such an urgent need to use the shale technology. Most importantly, there is no need to increase supply on the global market.
With regard to production in the United States, it is becoming an exporter, indeed, and we are well aware of it. We realise that it is taking up certain niches, but these are not our niches. That is my first point.
Secondly, their manufacturing output is up, their GDP is growing, and consumption will follow.
Thirdly, there are growth restrictions in the United States as well. I am not going to list the reasons behind such restrictions. Our analysts believe that US production has reached, as the oil people say, “a plateau.” We do not predict any serious growth.
With everything that I mentioned now and several other considerations that I did not mention, we feel comfortable and confident, and we will continue to grow. We will expand our own energy industry, production of oil and gas, and we will improve the production technology. We will also work on reducing consumption and improving energy efficiency of our economy.
Thus, we are keeping busy, but we are closely following what is happening in the world as well. Of course, you can rest assured that Russia will always be a responsible participant of the global energy market.