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. Last Updated: 07/27/2016

Kudrin Hints on Oil Reserves

The state may partly declassify its oil and gas reserves in two or three years to help boost the transparency of global energy markets, Interfax quoted Finance Minister Alexei Kudrin as saying Wednesday.

Kudrin had previously said that Russia was looking to fully declassify its oil reserves soon, but he has never given a timeframe.

"In all extraction sectors there is a certain level of reserves that are classified, but some of them need to be declassified and brought into circulation," Kudrin said.

Moscow has said that ending secrecy over oil and gas reserves in producing nations was as important for global energy security as disclosing stocks in consuming countries.

Analysts say that removing information about Russian reserves from the secrets list would provide little help to global energy security.

Russian reserves were top secret under the Soviet Union, but since its collapse in 1991 the information has become more public after many large private producers disclosed how much oil they control to win investors' confidence.

Oil major BP estimates Russian reserves at 72.3 billion barrels, the world's seventh largest, but says it is using only the data provided by the Industry and Energy Ministry.