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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (62315)	3/16/2000 10:27:00 PM
From: Tomas	Respond to of 95453

Russia For Existing World Oil Prices - Russian Economic News, March 16 Russia is and will be for the existing world prices of oil, Russian Fuel and Energy Minister Victor Kalyuzhny told a press conference on Tuesday. He said that today's price is lucrative both for the Russian economy and the budgets of oil companies, because it lets them invest in the Russian oil-producing sector. Most probably on March 27 OPEC will decide to increase oil quotas, in his view. Kalyuzhny said that, despite the OPEC decision, Russia will go on downsizing its oil exports. He reminded that in 1999 the export of oil was cut by 6 million tonnes and in 2000 it will be by another 12 million tonnes. Oil exports will go on further down in 2001, he said. If in 1998 164 tonnes arrived to the domestic market, in 2000 it will be 182 million and in 2001 190-195 million tonnes at an average oil production volume of 310-320 million tonnes. In 2005 Russia will produce 360 million tonnes of oil, Victor Kalyuzhny promised.