Ministry of Finance of the Russian Federation
Ministry of Finance of the Russian Federation
24.06.2011

Statements of Deputy Head of the Government of the Russian Federation – Finance Minister of the Russian Federation A. Kudrin

 

IEA's decision to ship oil to market will not affect Russian economy - Kudrin

ROME. June 24 (Interfax) - The International Energy Agency's (IEA) decision to release 60 million barrels of oil from its reserves to the market to compensate for the ongoing disruption of oil supplies from Libya will not have a significant impact on Russia's economy, said Russian Deputy Prime Minister and Finance Minister Alexei Kudrin.

"I do not expect any serious changes on the market that Russia could feel," Kudrin told journalists in Rome.

The Russian government treats this decision "with understanding," he said.

Asked whether there had been any consultations on this issue with Russia, Kudrin replied that it is the Energy Ministry that could have had such contacts, although he doubted that such consultations could have taken place at all.

Asked about his opinion of the IEA's decision, Kudrin said he had not yet "had enough time to analyze the situation."

"I do not know all the reasons," he said.

At the same time, "high prices for oil are hampering the world economy's from overcoming the crisis, and it is safe to say that the situation is special now," Kudrin said.

"I think this is the reason" for the IEA's decision, he said.

The IEA decided on Thursday to supply 2 million barrels of oil a day to world markets within the next 30 days so as to offset the disruption of Libyan supplies and knock down the prices. The U.S. has committed itself to providing half of this amount.

The IEA believes the market lacked about 132 million barrels of oil because of the military operations in Libya as of May 31.

 

Oil price rises to be ignored in setting tax rate for Gazprom - Kudrin

ROME. June 24 (Interfax) - An increase in Russia's state revenues due to higher oil prices will not be taken into account in setting the mineral resources extraction tax on natural gas for Gazprom, Russian Finance Minister Alexei Kudrin said, citing a decision made at a conference chaired by Prime Minister Vladimir Putin.

Kudrin, who was speaking to reporters in Rome, said no decision had been made yet on what the mineral resources extraction tax rate would be.

The Russian government is considering rates that would only be used for "a definite scenario for oil prices," Kudrin said. "A price rise will always serve to reduce the budget deficit in the Russian Federation - we are talking about a rise in the rate with definite prices being in place [without taking price rises into account]," he said.

 

Russia Finance Minister: Understand IEA Decision On Oil

ROME (Dow Jones)--Russian Finance Minister Alexei Kudrin said he understands why the International Energy Agency decided to unlock strategic oil resources in attempt to push down oil prices, but sees no impact of the decision on the Russian economy.

Speaking in Rome, Kudrin said, "Clearly high oil prices hinder the global economic recovery."

He added that he was not aware of any consultations with Russia on the decision announced Thursday.

Russia's economy, which still largely depends on oil exports, will not suffer from additional crude on the market, Kudrin said.

"I don't expect any serious impact on the market that would be felt by Russia," the minister told reporters. "In non-crisis times, high oil prices are hinders. Today it's a particular situation," Kudrin said, adding that he clearly understands the motives behind IEA decision.

The International Energy Agency Thursday released 60 million barrels of oil from emergency stocks to address the supply shortfall from Libya, a move that helped send oil prices sharply lower.

Italian Foreign Minister Franco Frattini said after his meeting with Kudrin that Italy fully supports the idea of diversification of it's energy supply, notably with the Russian natural gas pipeline South Stream that will deliver gas to Europe, given instability in northern Africa.

 

Russia says IEA did not consult on oil supply

ROME, June 24 (Reuters) - The International Energy Agency did not consult Russia prior to its decision to release oil stocks but the move was understandable, Finance Minister Alexei Kudrin said on Friday.

"Today it is a special situation. I think the (IEA's) decision is connected to that. We treat it with understanding," Kudrin told journalists on the sidelines of a Russian-Italian meeting on economic and financial cooperation.