Oil boom dwindles in Russia

A five-year oil boom is ending in Russia, the world’s second-largest oil exporter, as President Vladimir Putin increases government control, hurting investment in new wells, rigs and pipelines.

Output will rise 3.8 percent this year, less than half the average rate during the past five years and the lowest since $10 oil hurt investment in 1999, the Paris-based International Energy Agency estimates. A tax increase last year means the government takes most of the gains as crude trades above $50 a barrel.

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