Source Pravda.Ru

YUKOS President Says Drop In Oil Production Impossible In Near Future

A significant reduction in oil production is possible only in the middle-term in Russia, or no earlier than in 2003 or 2005, Mikhail Khodorkovsky, CEO of the YUKOS oil company, announced in a live interview with Echo of Moscow radio. He noted that in the event Russia cuts oil production as demanded by OPEC, Russian oil companies will have to stop the development of some oil wells. In addition, Russia's position on the oil market will be seized by its competitors - Kazakhstan and Azerbaijan. The YUKOS official noted that, in his opinion, the justified price for oil should be from $18 to $20 per barrel.