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. Last Updated: 07/27/2016

Minister Warns on Oil

MOSCOW () -- Fuel and Energy Minister Yury Shafranik said Tuesday that crude oil production could fall to 180 million tons a year (around 3.6 million barrels per day) by 2000 unless taxes on energy companies are reduced by 40 percent to 45 percent.

Interfax also quoted Shafranik as saying that output could stabilize at 285 million to 295 million tons a year in the next four years if taxes fell.