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Oil industry   Oil production to reach about 531 million tonnes

Russian oil production to surpass last year's

Russian oilThe volume of oil production in Russia is expected to surpass the 2014 figure by 0.8 percent in 2015, according to the federal budget documents.

The Russian government expects oil production to reach about 531 million tonnes in 2015, while gas production is predicted to reach 626 billion cubic meters at the end of the year.

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READ MORE Six-month export of Russian oil sets new record

Oil export is expected to reach 237 tonnes by the end of 2015, while natural gas export is forecast to stand at 170 billion cubic meters at the end of the year.

In 2016, oil export is predicted to surpass 233 million tonnes, while gas export is expected to reach 175 billion cubic meters.

Russia’s federal budget is expected to increase by 195 billion roubles ($3.1 billion) in 2016 from maintaining the current rate of export duty on crude oil at 42 percent, compared to an earlier plan of decreasing it to 36 percent.




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