UPDATE: Russia to produce 630 bcm of gas, 533 mln tns of oil 2015

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MOSCOW, Dec 11 (PRIME) -- The Energy Ministry expects Russia’s 2015 gas output at about 630 billion cubic meters compared with 640.3 billion cubic meters of gas produced in 2014, Deputy Minister Kirill Molodtsov told reporters on Friday.

“This is not a fall; this is what the gas industry is able to produce. Let us assume that it will be about 630 (billion cubic meters of gas),” he said.

The gas dynamics is explained by shrinking domestic consumption. “Taking into account long-term contracts’ binding to main oil equivalents, the global consumption is growing, but the domestic market decreased. It cannot be named ‘stagnation.’ We can speak about some positive effect of energy efficiency,” he said.

Molodtsov said that Russia will produce 533 million tonnes or 533.6 million tonnes of oil in 2015.

According to CDU TEK, an agency that provides data and analysis to the Energy Ministry, Russia’s gas output stood at 571.843 billion cubic meters in January–November.

The Economic Development Ministry sees gas output at 626 billion cubic meters in 2015, 642 billion cubic meters in 2017 and 655 billion cubic meters in 2018.

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