Russia reports on oil output in April

May 18, 1999 02:00 AM

Russia's State Statistics Committee announced last week that 24.1 million tons of oil had been produced in April, down from the March figure of 24.8 million tons but up slightly on the year-ago figure of 23.9 million tons.
Industry experts said that the year-on-year increase was probably due to the recent upswing in world oil prices.
They also said that Russian oil output this year would fall probably below the 1998 figure of 300 million tons, but by 1-2% rather than 4-5% as predicted earlier. Higher oil prices mean that Russian companies have more money to spend on operations and maintenance, they explained.
Russian oil output, 1999
January
24.7 mm tonnes
February
22.4 mm tonnes
March
24.8 mm tonnes
April
24.1 mm tonnes

Source: NewsBase
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