Russian Oil Output Seen Slowing

The country’s crude oil output growth will slow significantly in 2005 as companies fail to maintain the hectic growth rates of recent years, crude pipeline monopoly Transneft’s head, Semyon Vainshtok, said Tuesday.

“Russian companies have underproduced 14 million tons in January-September compared to what they initially planned,” he told reporters during a news conference.

“This is a sign that the level of growth is decreasing considerably. We can no longer talk of growing at the same pace,” he said.

http://www.themoscowtimes.com/stories/2004/10/20/044.html