Skip navigation
Watchlist Sponsored By :

Current DateTime: 01:01:10 02 Dec 2008
LinksList Documentid: 24890560
  • Predictions '09

      Find out what trends, events, people and forces are likely to shape the world of business in 2009.

  • Holiday Central

      Your one stop destination for all the latest retail news, blog reports, shopping tips and holiday slideshows.

  • Wall Street In Crisis

      With shock after shock to the world's financial system, the credit crunch continues to drive a major reconfiguration of the Wall Street landscape.

Three Reasons Russia Wants to Boost Oil Output
Associated Press | 12 Sep 2008 | 04:24 PM ET
Text Size

A quick look at key issues behind Russia's effort to increase oil production.

Falling Output: Russia's wells will produce 0.5 percent less oil this year than the 491.5 million tons they did last year, analysts think, although the government is sticking with its forecast of a 1 percent increase. It would be the first decline in a decade. Older fields are producing less and companies are looking for new oil, but that's expensive.

Taxes: The government has already cut taxes on oil companies so they can keep more of what they earn from recent high oil prices and use that money to find more oil. But some think even bigger tax cuts are needed.

Politics: Oil revenues have been key to the career of Prime Minister Vladimir Putin, who before switching from his previous post as president oversaw an economic boom fueled by oil and gas profits.

© 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

HOME  |  NEWS  |  MARKETS  |  EARNINGS  |  INVESTING  |  VIDEO  |  CNBC TV  |  CNBC PLUS  |  CNBC MOBILE  |  CNBC HD+
About CNBC   |   Site Map   |   Privacy Policy   |   Terms of Service   |   Advertise   |   Help   |   Feedback   |   Video Reprints
  Data is a real-time snapshot   *Data is delayed at least 15 minutes

Global Business and Financial News, Stock Quotes, and Market Data and Analysis