Russia may increase oil output in 2012

January 22nd, 2012 - 4:30 pm ICT by IANS  

Moscow, Jan 22 (IANS/RIA Novosti) Russia is planning to raise its oil production by 1 percent year-on-year in 2012 to 516 million metric tonnes, the energy ministry said.

“We are expecting the increase (in oil output) at about 1 percent or around 5 million tonnes in 2012,” Deputy Energy Minister Sergei Kudryashov said Saturday in an interview with Rossiya-24 television.

Russia produced 511.4 million tonnes of crude in 2011, posting a 1.23 percent increase compared with 2010.

Kudryashov said that investment and production forecasts announced by Russian companies indicated that a 1 percent increase in oil production this year was an attainable goal.

The energy ministry is expecting oil production in Russia to average 510 metric tonnes annually until at least 2020.

–IANS/RIA Novosti

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