Russian oil production to surpass 2014 volume by year end
Date
10/24/2015 12:22:53 PM
(MENAFN- The Journal Of Turkish Weekly) The volume of oil production in Russia is expected to surpass the 2014 figure by 0.8 percent in 2015.
The volume of oil production in Russia is expected to surpass the 2014 figure by 0.8 percent in 2015 the federal budget documents released on the official website of Russia's lower house of parliament the State Duma reveal.
The Russian government expects oil production to reach about 531 million tonnes (metric tons) in 2015 while gas production is predicted to reach 626 billion cubic meters at the end of the year.
Oil export is expected to reach 237 tonnes by the end of 2015 while natural gas export is forecast to stand at 170 billion cubic meters at the end of the year.
In 2016 oil export is predicted to surpass 233 million tonnes while gas export is expected to reach 175 billion cubic meters.
Russia’s federal budget is expected to increase by 195 billion roubles ($3.1 billion at the current exchange rate) in 2016 from maintaining the current rate of export duty on crude oil at 42 percent (as compared to an earlier plan of decreasing it to 36 percent).
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