November 24, 2017 / 4:28 PM / 9 months ago

Global gas oversupply could trigger price 'crisis' - Russia energy minister

SANTA CRUZ, Bolivia (Reuters) - Global gas supplies currently exceed demand, a situation that could lead to a “crisis” drop in prices similar to that which occurred in the crude oil market, Russian energy minister Alexander Novak said on Friday.

Novak made the comments at the Gas Exporting Countries Forum (GECF) being held in Bolivia.

The United States has vastly increased its output of both crude oil and natural gas in recent years as improved drilling technology opened previously inaccessible reserves - a leading reason for a steep drop in petroleum prices.

Reporting by Alexandra Alper; Writing by Richard ValdmanisEditing by Chizu Nomiyama

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