Platts reported that the International Energy Agency does not think Russia will be as successful as North America has been at developing its unconventional oil and gas resources.

As quoted in the market news:

[Antoine Halff, head of the IEA's oil markets division said] there had been some exploration for unconventional oil and gas resources in Russia, but that the initial outcome of the work had not been that promising.

“The first results do not support the rapid development [of unconventional resources],” he said.

Russia has vast resources of unconventional oil and gas too, but work has been slow as operators focus on conventional developments.

Click here to read the full Platts report.