P.M. BRIEFING : Soviet Predicts Oil Output Drop
The Soviet Union’s declining oil output will show another drop in 1991, a senior government official said in an interview published today.
Old-fashioned equipment and supply problems are increasingly hampering the oil industry in the Soviet Union, the world’s largest producer of crude oil, at a time when prices are high.
Artem Troitsky, state planning commission deputy chairman, told the Communist Party daily Pravda that only massive amounts of new investment in the oil industry could avert continuing production declines.
Official figures released Friday showed Soviet oil production dropped 3.35 million barrels to 61.85 million barrels in the first nine months of 1990, compared to the year-ago period.
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