Russian companies have resumes investment programs in oil production.

The programs were interrupted by the economic downturn and the subsequent drop in oil prices.

The head of Russia’s largest privately owned oil
LUKOIL has said the price of oil is now high enough to allow investment at an exchange rate of 30 roubles to the dollar.

Russia, the world’s No. 2 oil exporter, cut crude production last year for the first time in a decade.

Oil and gas companies cut their investments when crude lost more than three-quarters of its value in the second half of last year.

Prices have since bounced back to nearly $70 a barrel from below $40 in January.