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Russian Putin says shale oil technologies are "barbaric"



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

Mikhail Swetlow | Getty Images News | Getty Images

Russian President Vladimir Putin has sharply criticized states such as the US for ignoring the environmental impact of shale oil and gas production, calling it a "barbaric" process in which the Kremlin has no interest.

Putin said at a business conference in Moscow on Wednesday: "Today's shale oil and shale gas technology is undoubtedly … barbaric."

"These technologies destroy the environment," he explained in a translation before adding that the areas affected by the extraction process were usually in a "precarious situation".

"Despite all the economic benefits, we do not need them and we will never do them," said Putin.

The US State Department of Energy was not immediately available for comment when CNBC contacted Wednesday. Production increases in the Perm Basin of Texas and other major formations have helped make the US the world's largest oil producer.

Earlier this week, the US Energy Information Administration (EIA) announced in a monthly forecast that the US Crude oil production from seven shale formations is expected to rise to a record high of 9.1

3 barrels a day in December.

Advocates of fracking, the fossil fuel extraction process used in the United States, believe it will significantly expand natural gas supplies – a cleaner fuel than crude oil – and cut costs for consumers.

Critics of the process, however, have sounded the alarm because of its negative impact on the environment, including air and groundwater pollution and increasing earthquake risk.

Industry analysts argue that the fracking industry is supported by a variety of interests, not least of the US economy and the national security energy market, "Putin said Wednesday.

– Natasha Turak of CNBC contributed to to this report.


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