31 May 2004 12:44
RUSSIA WILL NOT REDUCE OIL PRODUCTION, EXPORT - KUDRIN
MOSCOW. May 31 (Interfax) - Russia does not intend to limit its oil production and export, Russian Finance Minister
Alexei Kudrin has said.
"If the prices for oil are high, we will increase its production to
take advantage of this, and if the prices go down, we will not
While the OPEC member-states limit oil production to maintain high prices for it on the world market, Russia has
repeatedly said it will not limit its oil production, Kudrin said on Mayak radio on Saturday.
On the other hand, Kudrin noted that the growth in prices for crude
on the foreign market pushes up the prices for fuel inside Russia.
artificially hamper the economic growth in the world," Kudrin said.
The minister noted that Russia is the only oil exporter among the G8 member-states. He pointed out that, as long as
the oil prices grow, fuel in those countries becomes more expensive, which slows down economic growth in them.
Kudrin said he took part in drawing up the final communique of the G8 ministerial session in New York in late April.
"I influenced the text of the G8 communique, which calls on all countries to increase oil production to stabilize
the price for it on the world market," he said.
Therefore, the State Duma and the Federation Council in April increased the export duties for crude. Kudrin said he
is sure that this measure will stabilize the prices for fuel on the domestic market.
[Interfax] |
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