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Russia   A $5 increase brings certain extra yields

Russian oil companies will not be compensated for production loss

Dmitry PeskovRussia’s oil companies will not be compensated for the decline in production, according to Kremlin spokesman Dmitry Peskov.

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"The issue of any compensation has not been raised," he said Wednesday as he commented the results of President Putin’s meeting with heads of local oil producers.

"On the whole the oil price hike as a result of assumed measures (on oil production cut), a $5 increase brings certain extra yields both to the country’s budget and to oil companies themselves," Peskov added.

He also said that "President has personally agreed the issue of production cap with all leading oil companies." "President personally made the decision on the base of the consensus reached with heads of those oil firms," he added.

On December 2, Lukoil Vice President Leonid Fedun said that the company expects the Russian government to pay compensations to major oil companies due to the oil production cut.

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