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Russian President Putin says shale oil technology is "barbaric"



Russian President Vladimir Putin talks during Russia's call! VTB Capital Investment Forum on November 20, 2019 in Moscow, Russia.

Mikhail Svetlov | Get News Images Getty Images

Russian President Vladimir Putin has sharply criticized countries such as the US for ignoring the environmental impact of shale oil and gas, describing it as a "barbaric" process that the Kremlin has no interest in pursuing.

Speaking at a business conference in Moscow on Wednesday, Putin said: "Today's technologies for the production of shale oil and shale gas are without a doubt … barbaric."

"These technologies are destroying the environment," he explained by translation, before adding that the areas affected by the extraction process were usually left in an "uncertain situation."

"Despite all the economic benefits, we don't need it and we will never do it," Putin said.

The US Department of Energy was not immediately available for comment on contact with CNBC on Wednesday. The increase in production in the Texas Permian Basin, as well as other major formations, has helped the United States become the largest oil producer in the world.

Earlier this week, the US Energy Information Administration (EIA) said in a monthly forecast that the US's crude oil project from seven shale formations is expected to rise to a record high of 9.1

3 million barrels a day in December.

Proponents of fracking, a process used to extract fossil fuels used in the United States, say it significantly expands natural gas supplies – a cleaner fuel than crude oil – and reduces consumer spending.

But critics of this process have made the alarm about its negative impacts on the environment, including air and groundwater pollution and increasing the risk of earthquakes. is backed by a wide range of interests, not least the US economy and national security.

"You can rest assured that Russia will always be a responsible player in the global" nervous market, "Russian Putin said on Wednesday.

– Natasha Turak of CNBC contributed to this report.


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