Russian Economic Ministry Downgrades Oil Export Forecast for 2012

December 11, 2012

The Russian Ministry of Economic Development has downgraded its oil export forecast for 2012 to 239.6 million tonnes, Deputy Minister Andrei Klepach said on Monday, December 10.

Earlier, the ministry projected the oil export to be 241.1 million tonnes.

The forecast for 2013 has been raised from 238 million tonnes to 240 million tonnes.

Klepach also noted that there has been decline in oil export, despite analysts’ forecasts.

Specialists say that oil production in 2012 and 2013 will grow.

In 2012, oil production in Russia will reach 516 million tonnes (compared to 514 million tonnes projected earlier) and will remain at this level in 2013 even though this indicator was projected at 510 million tonnes earlier.

Source: Eurasian Development Bank