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Oil production to rise 1.2% y/y 2013

December 25, 2013, 18:40 UTC+3 25
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MOSCOW, December 25 (Itar-Tass) - Oil production is expected at 523.2 million tonnes in 2013, plus 1.2 percent in year-on-year comparison, the Russian Ministry of Energy said.

The ministry predicts Russia will produce 2.2 percent more petroleum products this year, namely 39.2 million tonnes, while production of diesel fuel is expected to increase 3.4 percent to 72.3 million tonnes. Residual oil production should grow 2.5 percent to 76.6 million tonnes.

Oil refining efficiency ratio is expected at 71.5 percent.

According to companies’ production plans, oil production on Russia's continental shelf is estimated at 14.7 million tonnes this year, 0.7 percent more than a year earlier.

“As compared to 2012, oil and gas complex has demonstrated upward dynamics, electricity generation has been stable, while production volumes have somewhat decreased in coal mining,” the report goes.

Over the total period of difficult oil extraction till 2032, the state will have earned about 2 trillion roubles (about $60.5 billion) with additional production of about 326 million tonnes of oil.

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