Bloomberg: Putin Says Russia Needs to Rise to U.S. Shale-Gas Challenge

Russian President-elect Vladimir Putin urged energy producers from the world’s biggest natural- gas exporter to “rise to the challenge” of a changing market as the U.S. increases output of shale gas.

U.S. shale gas production may “seriously” restructure supply and demand in the global hydrocarbons market, Putin said today in an address to the Russian lower house of parliament.

The U.S. overtook Russia as the biggest producer of gas in 2009 as it extracted fuel trapped in shale rocks. That has cut prices and led nations from China to Poland to explore for such resources, potentially cutting their reliance on Russian gas.  MORE