January 29, 2020 / 10:01 AM / 21 days ago

Novak says current tax regime may hurt Russia's oil output: Interfax

FILE PHOTO: Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Sergei Karpukhin/File Photo

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Wednesday that Russia’s current tax system may pose risks to the country’s ability to maintain its oil output, Interfax news agency reported.

Russia has been producing oil and gas condensate at a record-high pace of around 11.26 million barrels per day.

The government has been tweaking the tax regime, including gradually eliminating export duties and introducing profit-based taxation.

Reporting by Andrey Kuzmin; Writing by Vladimir Soldatkin; Editing by Louise Heavens

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