MOSCOW, Jun 3 (PRIME) -- Russia’s Energy Ministry expects the country’s oil output to increase by about 8 million tonnes on the year to 540–542 million tonnes in 2016, Minister Alexander Novak said Friday.
“Our production grew 2.6%, or by about 4.3 million tonnes (on the year) in the first four months. If the dynamics are maintained until the end of the year, then we will receive about 8 million tonnes in addition to the level of last year…Which means 540–542 (million tonnes of oil will be produced in 2016),” Novak said.
The ministry has not yet adjusted its forecast for the country’s oil refining in 2016, and it still stands at 275 million tonnes of oil, he added.
In 2015, Russia’s oil output grew 1.4% to 534.081 million tonnes, according to CDU TEK, an agency that provides data and analysis to the Energy Ministry.
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