"It is obvious that Russia's oil industry and gas sector have reached a crucial juncture, where their growth potential with available sources of raw materials and outdated technology has been almost exhausted," Putin told a conference on oil and gas sector development.

Speaking about exploration, the prime minister said he in particular meant eastern Siberia, the Yamal Peninsula in northwest Siberia, and the continental shelf.

He said oil companies had committed themselves to eliminate a drop in oil production levels by the yearend, adding that the companies pledged to do so after the government adopted a decision to alleviate the tax burden on the sector.

"In response to such actions on the part of the government, oil companies... committed themselves to make up, in yearend results, for the current production drop," Putin said.

The Russian premier also said modern resource-saving technologies should be introduced in the oil and gas sector.

"We cannot do without the introduction of up-to-date resource-saving technologies, without increasing the efficiency of the use of raw materials," he said.

Putin said Russia was and would be able in the long term to provide for the demands of the domestic and foreign markets in energy resources.

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