Vladimir Putin said at the plenary meeting in the State Duma today, “To stimulate oil production and processing, the time is right to decide on reduction of tax burden on this sector of the economy”. Putin also said regarding the oil industry income that “we take to the budget a substantial portion of this income”.   Putin further  informed that 75-80% of oil producers’ income is contributed to the budget as  resources production tax and customs dues payments. “This is largely the reason why the number of abandoned low-production wells increases and new exploration and production progresses slowly”, Putin said. Oil companies’ stocks began to grow after Putin’s speech.