31-08-04 President Vladimir Putin said Russia would increase its oil exports this
year. Russia is a major supplier of natural gas to Europe and a top exporter of
oil. Government pressure against Russia's largest oil producer, Yukos, has
pushed prices higher in recent weeks. Putin didn't address Yukos, but his pledge
to boost exports won praise from Schroeder, who said it would help stabilize oil
prices.
In 2003, Russia exported 228 mm tons of oil. The country's total oil output
for the year was 421 mm tons, upfrom 380 mm tons in 2002. Oil output for 2004 is
seen at 450 mm tons.
Source: APRussia to increase its oil exports this year
Putin made his pledge at a three-way summit at his residence in the Black Sea
resort of Sochi with French President Jacques Chirac and German Chancellor
Gerhard Schroeder. The three leaders discussed their cooperation in the energy
sector, with Putin pledging that Russia would increase its oil exports this
year.
Putin was cited as saying that Russia expects to export 255 mm tons of oil in
2004. "Russian companies will continue increasing oil exports to
international markets," Putin said.
In the first six months of 2004, oil output rose 10.3 % on the year to 223.5 mm
tons, while exports went up 4.2 % to 110.2 mm tons, the Federal Statistics
Service said.