Energy

Reuters Africa reports that Russia’s Finance Ministry opposes the proposed scrapping of an oil extraction tax for new deposits.

Reuters Africa reports that Russia’s Finance Ministry opposes the proposed scrapping of an oil extraction tax for new deposits.

The market news is quoted as saying:

Russia, the world’s top producer, is enjoying a windfall of petrodollars as crude prices have shot above $100 per barrel for the first time in two years, and authorities are eager to capitalise on the bonanza at the same time as oil companies are lobbying for an ease of high taxation.

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