Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: pz who wrote (31124)	10/26/1998 6:00:00 AM
From: Ditchdigger	Read Replies (2) of 95453

The Russian oil production story hasn't been getting much air play... Any thoughts on the current/potential impact? DD (PS: in the 20's here this morning-but Big Dog, you'll be happy to know the trout are still jumping in my pond<g>) " Oil Production in Russia Drops by Seven Percent Xinhua English Newswire The Russian oil production declined by 7 percent in the last six months, the Itar-Tass news agency reported on Thursday. No matter what steps may be taken now, oil prices are bound to drop by 5-10 percent next year and domestic oil consumption will be about 210-215 million tons, deputy board chairman of the YUKOS oil company Vasily Shakhnovsky was quoted as saying. Shakhnovsky, pessimistic about the situation, warned that if the government increases tax pressure on oil companies, Russia will turn from an oil exporter into an oil importer in two years. In his opinion, in conditions of the severest economic and political crisis in the country, the state should increase its influence, but must not go to extremes. He hoped that the government would cut taxes and adopt a realistic budget in order to improve the situation in the oil sector. (Copyright 1998) "

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