Russia's Energy Ministry expects oil production in 2008 to exceed that in 2007, the head of the ministry Sergei Shmatko told journalists today according to RBC. He noted that, given the current market situation, an increase in oil output made economic sense for Russian companies.
According to the Energy Ministry's data, Russia's oil and gas condensate production grew 2.1 percent to 490.83m tonnes in 2007 compared to the previous year. The ministry forecasts a 1.8-percent rise in oil output to 500m tonnes in 2008.
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