Since reaching a particularly low point in 2016, international oil prices have reached multi-year highs, which has prompted governments across the world to intervene to ensure that their nations have adequate domestic supplies. OPEC countries have also decided to start easing their output limits. The Russian duma is currently passing legislation that will make oil taxable at source rather than export – a move that will please producers but one that is likely to undergo substantial revision before it is written into law.
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