Russia’s Finance Minister Says Nation Too Dependent on Oil Production

According to OPEC figures, Russia has surpassed Saudi Arabia as the world’s lealding oil producer. The Financial Times reported the news Wednesday that Russia is extracting more oil than ever before. But Russia’s Finance Minister, Alexei Kudrin, says the country has become too dependent on oil revenue as a whole.

OPEC statistics show that in the period since 2002 Russian companies have surpassed the Saudis as the world’s biggest oil producers on an on-and-off basis. The latest figures, however, have been hailed in Russia as evidence that such periodic production spikes are no one-offs and that Moscow really does have a right to lay claim to the number one spot.
ACxess News