Russian government reports on July oil output, seven-month fuel exports

Russia's State Statistics Committee announced that 25.1 million metric tons of oil had been produced in July, 3.3% up on the June figure of 24.3 million metric tons.
The committee said that output had risen on the heels of rising world oil prices. The increase in revenues that followed higher prices has left oil companies with extra money to invest in maintenance and well drilling, it explained.
The committee also announced last week that Russia had exported 25.3 million metric tons of refined petroleum products worth $ 2 billion in the first seven months of the year, compared to 21.4 million metric tons worth $ 2.17 billion in the same period of 1998.
The average contract price for Russian fuels dropped from $ 91.5 per metric ton in the first seven months of 1998 to $ 71.5 in 1999, it added.