Oil prices dive as Yukos gets lifeline, OPEC says it has capacity
Published:
5 August 2004 y., Thursday
World oil prices plummeted from all-time highs as Russia threw a lifeline to troubled oil titan Yukos and OPEC (news - web sites) said it could still pump oil faster.
New York's benchmark contract, light sweet crude for delivery in September, plunged 1.32 dollars to close at 42.83 dollars a barrel. Earlier it had hit an all-time high 44.34 dollars.
Brent North Sea crude for September delivery skidded 94 cents to 39.70 dollars. It also had set a record a few hours earlier, spiking to 40.99 dollars a barrel. Easing pressure on the market, Russian Justice Ministry officials said Yukos could use previously frozen bank accounts to keep running on a daily basis and pay off back taxes.
Yukos said in a statement that it welcomed the decision, which "will allow us to steadily pay off our tax bill."
The news means that Russia's largest oil producer can immediately settle tariffs on its rail oil exports, which risked being shut down by the end of the week.
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