
While not committing himself to a personal view, he pointed out that while the size of the Russian stockpile, which is held by the Ministry of Finance, is a state secret and that there are therefore no valid data available, annual sales in 2007 to 2009 were a "fraction of historical values" and that this is believed to be an indicator that the reserves are approaching depletion.
Two years ago the government announced what it would be selling a quota over the following three years. This has also suggested to some in the market that Russian state inventories are approaching exhaustion.......read on
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