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Oil may hit $150, Russia warns
- Middle East: Saturday, June 06 - 2009 at 10:16
Russia has warned that oil prices could go as high as $150 a barrel if the global economic crisis continued to curb investment in capacity by top producers, Reuters has reported. A Moscow official has said output from Russia could be hit unless borrowing costs fell for its energy giants, seeking recovery for their capital investments, as reduction in access to finance markets could lead to reduction of output. Russia currently produces more oil than Saudi Arabia.
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Medilyn Manibo, Assistant News EditorSaturday, June 06 - 2009 at 10:16 UAE local time (GMT+4)
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This article was updated on Sun Jun 07 2009.
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