MOSCOW, January 14 (RIA Novosti) - LUKoil [RTS: LKOH], Russia's largest independent crude producer, said on Monday its oil output increased by an estimated 1.5% year on year in 2007 to 96.6 million metric tons (708 mln barrels).
In 2007, LUKoil cut its oil exports and expanded oil refining at Russian refineries due to the high rate of return on refining operations, the company said.
LUKoil, which accounts for about 1.3% of global oil reserves and 2.1% of world crude output, develops its main deposits in Western Siberia. The company contributes 18% of Russia's oil output and 18% of national oil refining.
