Russia may cut oil taxes by up to $8.4 bln from 2010

Russian oil firms are set to receive another round of tax cuts worth up to $8.4 billion from 2010 as recently approved reductions would not be enough to revive output growth, top officials said on Saturday.

The Russian government last month cleared a proposal to reduce the mineral extraction tax on oil, a move that is expected to boost oil firms’ earnings by over $4 billion annually. The decision triggered a stock market rally.