26-11-04

Russia has produced 412.7 mm tons of crude oil since the beginning of this year, according to data provided by the Russian Energy Ministry.

As of November 25, 2004, oil and gas condensate production grew 9 %, or 34.9 mm tons, in Russia. Oil exports amounted to 163.9 mm tons, which is an 18.1-% annual increase.

Yearly increase in oil and gas condensate production amounted to 9.4 % in October when Russia produced 380.968 tons. Russia boosted oil exports to non-CIS countries by 18 % compared to October 2003.

The Russian Energy Ministry targets oil production at 432 mm tons for 2004. The Russian Economy Ministry expects oil production to rise to 440 mm tons.

Source: Capital Link