Shale oil output levels are currently ‘acceptable’: Russian Energy Minister

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Russian Energy Minister Alexander Novak told Al Arabiya on Monday that US shale oil output is slowing down and that current levels are “acceptable.”

Following several years of record oil production, companies operating in top US shale fields are slowing down activity and shifting their focus to boosting cash flow and investor returns.

Over the last few years, the level of oil inventories stored in Cushing, Oklahoma has begun to play a bigger role in determining the physical price of oil.

A shale oil boom centered around the Permian basin of Texas and New Mexico has helped US become the biggest crude producer, ahead of Russia and Saudi Arabia.

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