Russian oil output to hit over 500mln tons this year – energy minister
NIZHNY NOVGOROD – Russian oil production will rise to over 500 million tons in 2010, up from 494 million tons in 2009, Energy Minister Sergei Shmatko said on Tuesday.
"We will produce over 500 million tons in 2010," Shmatko said.
"The Economic Development Ministry has adjusted its forecast for the ruble rate. We have said firmly before that we will see an investment decline and probably a fall in output due to the ruble strengthening and the growth of the mineral extraction tax on oil.
Now there are no explicit assurances, we should weigh up everything," he said, adding that the previous Economic Development Ministry's forecast was that oil production would fall from 2012," Shmatko said.
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