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Article: Oil prices shoot up after Yukos' warning.(BUSINESS)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- July 29, 2004
CopyrightCOPYRIGHT 2004 The Washington Times LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Patrice Hill, THE WASHINGTON TIMES
Oil prices soared to a record $42.90 a barrel yesterday after Russia's Yukos oil company warned that the government's takeover will force it to cut production within days.
Yukos, Russia's largest oil company, produces 1.6 million barrels a day - more than Libya - while Russia rivals Saudi Arabia as the world's largest oil-producing country, pumping nearly 9 million barrels or more than a tenth of the world's daily supply.
The Russian government, which says it is owed $3.4 billion in back taxes, has rejected offers for payment from Yukos executives and is moving to seize key company assets, including ...