Alexey Kudrin: Russia to work on oil price stabilization during G8 presidency

During his presidency of G8 in 2006, Russia intends to attach particular significance to efforts to stabilize energy prices, Russian Finance Minister Alexei Kudrin told journalists in Washington following a G8 ministerial meeting. The participants in the meeting discussed world economic development and measures to stabilize prices, he said.

"Among these measures were proposals that oil production and export on the world market be increased," the minister said, adding that Russia is continuing to increase its oil production.

This year, Russia will produce by about 3%, or some 30 million tonnes of oil more than in 2004, Kudrin said. The average daily oil production in Russia currently stands at 9.33 million barrels, he said. Among other measures, the G8 ministers discussed the development of oil production, processing, and transportation infrastructure.

"Russia is taking very active steps in this very segment [oil transportation]," Kudrin said, noting that the Baltic pipeline has been put into operation and its capacity will be increased by 10 million tonnes next year, Interfax reported.