Deputy Prime Minister Arkady Dvorkovich does not rule out that Russia’s oil production may decline if oil prices keep low on the global market.
He said:”According to our estimates, (oil) production (may) decline amid current environment, in current system and given the proposals on tax system adjustment in the fuel and energy system, first of all introduction of tax on financial result, we may keep production at the current level. But if prices remain at low level for a long time a certain decline is possible, and our partners, other countries, are aware of that,”
He added that Russia’s “oil sector will adjust itself to changes in the global environment.”
However, he said that after the period of low investment in the industry generally around the world is over “oil prices will inevitable rise but no one knows to which level, and production will resume growth then.”
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