Dvorkovich urged the oil industry to self-regulation when price changes

Moscow. January 26. The government does not have the authority to regulate the oil production, but hopes that the industry will independently react to changing market conditions, said Deputy Prime Minister Arkady Dvorkovich.

“Russia as a state could not flexibly adjust the production of oil, it is the prerogative of the companies operating in our oil sector, and they will take investment decisions within the framework of the existing system of tax regulation. In this system, no authority of the government to increase or reduce the volume of production”, – he said.

Dvorkovich also noted that with low prices and high tax incentives for investment becomes smaller, which can lead to a slight drop in production.

“But according to our estimations, in the current situation under the current system, given the proposals to adjust the tax system, mean NFR first of all, we can maintain production at the current level. But if prices are to remain long at a low level, a decline is possible, and that our partners know,” he said.

“Of course, our oil industry itself will respond to changes in the world situation”, – he added.