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Oil production in Russia to stand at 530.5 mln tonnes in 2015 — ministry

July 31, 2015, 11:56 UTC+3 MOSCOW

Russia's Economic Development Ministry also predicts a drop in gas production to 626 bln cubic meters

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© TASS/Sergei Savostianov

MOSCOW, Jully 31. /TASS/. The Russian Economic Development Ministry increased its forecast for oil production in 2015 to 530.5 mln tonnes. At the same time the Ministry decreased its forecast for the production of gas to 626 bln cubic meters, the Economic Development Ministry said Friday.

According to the adjusted estimations of the Ministry, the volume of oil production in 2015 will increase by 2.5 mln tonnes, and gas production is going to decline by 4 bln cubic meters.

The volume of oil refining in 2015 will decline and will amount to 290 mln tonnes, which is 1.5% lower than the level of 2014. According to the Ministry, this is due to the decline in the domestic demand for oil products and that the companies are more interested in exporting oil.

The food and chemical production will maintain the positive dynamics and at the end of 2015 will presumably increase by 1.9% and 5.5%, respectively, according to the ministry.

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