Milton Financials: October data shows Russia increased oil output but exports dropped.
The world’s leading oil producer Russia’s oil production climbed to 420.161 million tons till October this year, up 2% from last year, Milton Financials was told.
The Russian Energy Ministry recently announced that oil exports for the same period had fallen by 0.4% to 205.244 million tons.
The country’s crude oil shipments rose by 5.55 to 206.348 million tons while primary oil refining climbed 5.7% to 206.165 million tons Milton Financials has learned from a ministry statement.
Petroleum production increased by 0.2% to 29.776 million tons. The Russian Energy Ministry earlier announced that the country’s oil production would amount to 500 million tons in 2010.
The country’s Economic Development Ministry told Milton Financials that the volume of oil, including gas condensate would amount to 499 million tons this year, or 1.1% more year-on-year with oil exports expected to rise by 1.3% to 250.5 million tons.
Under the country's new oil field development strategy until 2020, oil production will stabilize at 500-505 million tons in 10 years.
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