Russian Crude Oil Forecast For 2012   Leave a comment

January 21, 2012: The Russian Energy Ministry expects crude oil production to edge up by 1 percent this year to a new record as a decline in output at traditional fields will be offset by a rise in new deposits, a deputy minister said today.

Last year, oil output in Russia, the world’s top crude producer, edged up 1.2 percent to reach a new post-Soviet high of 10.27 million barrels per day (bpd), or 511 million tonnes.

“Taking into consideration companies plans, this would be around 1 percent. We will add some 5 million tonnes,” said Sergey Kudryashov. The growth would slow further from 2.2 percent in 2010.



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