Russian Oil Output to Reach 495MM Tons in 2010

Oil output in Russia is projected to reach 495-496 million tons this year, Deputy Prime Minister Igor Sechin said on Wednesday.

"If everything goes ahead as scheduled, oil output will amount to 495-496 million tons," Sechin said at a meeting with President Dmitry Medvedev, describing the figure as "a rather stable forecast."

Sechin added that last year's oil production stood at 494 million tons, and oil output grew by 2.8 percent year-on-year, or 1.2 million tons, in January. The Russian Energy Ministry predicted that 495 million tons of crude would be exploited this year, with 247 million tons exported and 238 million tons processed.

The Russian economy, heavily dependent on energy resources, was hit hard by the global downturn after commodity prices collapsed in late 2008. The country is emerging from the crisis as crude prices continue to rise.

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