MOSCOW, March 26. /TASS/. Russia has the capacity to increase oil production, but it will require investment, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Russian Union of Industrialists and Entrepreneurs congress.

"Without a doubt, we have the ability to increase production, but this requires time, investment, and attracting financial resources. Therefore, this process will not be quick, but gradual," he said.

Earlier, Novak instructed the Energy Ministry to develop measures to stimulate the extraction of hard-to-recover oil and gas reserves.

Oil production in Russia amounted to 511.5 mln tons in 2025, and by 2035 it is expected to increase to 540 mln tons.