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Energy Ministry forecasts Russia’s oil production at 522 mln tonnes in 2014

December 15, 2013, 7:44 UTC+3 MOSCOW
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MOSCOW, December 15, 7:33 /ITAR-TASS/. Russia’s oil output will amount to 522 million tonnes in 2014, which will almost equal this year’s indicator, a department chairman of the Russian Energy Ministry, Mikhail Gryaznov, told a conference titled Oil and Gas Industry of Russia here on Thursday.

In his words, this year’s oil production will make up 521.9 million tonnes. In 2012, Russia produced 518.017 million tonnes of oil. The Energy Ministry is confident that such a growth was achieved owing to the hike in investments, while successful implementation of the “60-66” mechanism made it possible to meet the growing fuel demand.

In January-November 2013, Russia’s oil production reached 478.3 million tonnes, Itar-Tass reported earlier referring to the Central supervisory department of the fuel and energy sector.

Initially, the Energy Ministry planned the 2013 oil output at 515 million tonnes.

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