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"People in Moscow are laughing at this idea, because the party which will suffer the most… is the American shale oil industry, the least cost-competitive oil industry in the world," Mr Milov told the BBC.

Another host, Harold G. Hamm, the executive chair and founder of Continental Resources, is one of the pioneers of the shale oil boom that turned the United States into the world’s largest crude exporter.

Oilfield service companies that cater to U.S. shale oil and gas producers are turning sour on fourth quarter demand, with clients keeping a tight grip on their wallets after largely exhausting their 2023 budgets.

Oilfield service companies that cater to U.S. shale oil and gas producers are turning sour on fourth quarter demand, with clients keeping a tight grip on their wallets after largely exhausting their 2023 budgets.

Oilfield service companies that cater to U.S. shale oil and gas producers are turning sour on fourth quarter demand, with clients keeping a tight grip on their wallets after largely exhausting their 2023 budgets.