26 April 2004 09:33
RUSSIA`S GROWING OIL EXPORTS HELP STABILIZE OIL PRICES - EXPERT
WASHINGTON. April 26 (Interfax) - By increasing its oil exports Russia is gaining additional earnings and helping to
stabilize oil prices on the world market, presidential economic advisor Andrei Illarionov said.
"This is one incidence when our commercial interests coincide with world interests in more stable, more
predictable and lower prices for oil," Illarionov told journalists in Washington, where the International Monetary
Fund and the World Bank are holding their spring session.
He said that Russian oil companies have been increasing oil production over the past five years, and Russia has
become the world's absolute leader in the rate of growth in oil production. Over this time, Russia has boosted oil
production from less than 6 million barrels to 9 million barrels per day, which is a 50% increase, Illarionov said.
Exports have been growing at an even faster pace. Whereas in the first months of 2004 oil production grew by 11%,
year-on-year, exports grew by 20%, he said.
"Russia is doing everything possible to export more oil to world markets and soften the impact of high oil
prices," Illarionov said.
"On the other hand - and this no secret - using the current high prices for oil, we are trying to sell as much
oil as possible and earn a profit. Which is normal," Illarionov said.
[Interfax] |
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