Russian oil production reached record in 2011

Jan 21, 2012 12:00 AM

Russian oil production reached a record of 511 mm tons in 2011, but output levels are unlikely to increase further over the next three years, an official said.
Sergei Kudriashov, the vice-minister for energy, said the output level was up by about 1 % last year, a record for the post-Soviet period.

"We understand that in the three coming years, we are going to have a lull in the operation of new deposits," he said.
"That's why the principle task now is to use the resources we have and maximise the efficiency of work in old deposits."

He estimated Russia would be able to maintain an oil output of about 510 mm tons for the next three years.
"In 2008, when oil prices were at a high, we saw a drop in production," he said. "In the last three years, we've succeeded in reversing the trend."

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