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News // Russia

Oil Prices Jump, Russia To Pump

31 May 2004 , 08:11435
Russia said it will raise its oil export volume if oil prices remain high, and, at the same time, to keep pumping at the same rate even if prices fall.
Finance Minister Alexei Kudrin said on Saturday.

"If oil prices remain high we will boost production and exports. If prices come down again we will not create artificial obstacles for world economic growth by cutting exports," Russia?s Finance Minister Alexei Kudrin told in interview to a Russian radio.

Kudrin's remarks come three days after President Vladimir Putin said Russia should expand export capacity and approve new routes.

Russian production has jumped 50 percent to 9.0 million barrels per day since 1999, but pipeline export capacity has peaked at 4.0 million bpd.

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