Russian oil, gas production not to fall in 2014 - minister

January 17, 2014

Hydrocarbon production in Russia in 2014 will not be lower than that in 2013, Energy Minister Alexander Novak said on Thursday, January 16, Itar-Tass has reported.

Oil production will stay at last year’s level of 523.275 million tonnes. “If there is an increase, it will be a positive development brought about by stimulating measures put in effect recently,” Novak said.

He said that the biggest increase was registered in Eastern Siberia.

Speaking of gas, the minister said it was difficult to make any projections as gas production depended on consumption, but the Energy Ministry expects gas extraction to at least match last year’s level of 668 billion cubic metres.

Copyright: Itar-Tass, 2014