Russia to extract half a billion tons of oil in 2012

The Russian Energy Ministry's prognosis of oil extraction in 2012 is 515 million tons; the position of the Economic Development Ministry that in 2013 the extraction of oil will fall to 510 million tons is approved by the Energy Ministry,the Energy Minister Alexander Novak said.

«All our predictions are approved by the Ministry of Economic Development, this year we expect about 515 million tons,» he said. The Ministry of Economic Development prepared five different scenarios of the development of the Russian economy until 2015. In the most pessimistic one the oil price is about $80 per barrel and economic growth is 0.5% to 3%. In the most optimistic one the oil price is $120 and economic growth is about 3.9% to 4.6% The main scenario predicts that oil extraction in Russia in 2013-2015 will be about 510 million tons per year. The pessimistic scenario redicts that the oil extraction in 2013, 2014 and 2015 will be 504, 500 and 498 million tons respectively.

Adapted from