Russia
Russia May Increase Oil Output to 516 Mln Tons in 2012
The Energy Ministry is expecting oil production in Russia to average 510 metric tons annually until at least 2020.
© RIA Novosti. Boris BabanovMOSCOW, January 22 (RIA Novosti)
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Russia, the world’s largest crude-producing country, is planning to raise its oil production by 1% year-on-year in 2012 to 516 million metric tons, the Energy Ministry said.
“We are expecting the increase [in oil output] at about 1% or around 5 mln tons in 2012,” Deputy Energy Minister Sergei Kudryashov said on Saturday in an interview with Rossiya-24 television.
Russia produced 511.4 mln tons of crude in 2011, posting a 1.23% increase compared with 2010.
Kudryashov said that investment and production forecasts announced by Russian companies indicated that a 1% increase in oil production this year was an attainable goal.
The Energy Ministry is expecting oil production in Russia to average 510 metric tons annually until at least 2020.
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- arnoldvinette@yahoo.comCare must be taken not to deplete reserves too quickly09:23, 22/01/2012Let the United States be a lesson to Russia.
The more oil that is kept in the ground, the more valuable it will be at a future date.
Russia is NOT doing itself any favors by increasing oil production.
As it stands now Russia depletes its oil reserves by 2032 based on known reserves and current production rates.
Increasing oil production simply drains these oil reserves faster.
Arnold Vinette
Ottawa, Canada- dean.pierlane@hotmail.comThere is More...02:51, 31/01/2012Whilst I agree that oil reserves should not be depleted too quickly by Russia or any other country.
Russia has the world's largest gas reserves and supplies 25% of the EU's annual consumption.
So apart from oil, Russia has gas plus a huge amount of minerals, everything from gold, diamonds, silver, iron ore, bauxite, etc.
The list of Russia's wealth is simply immense, the world's largest supply of fresh (non salt) water, lumber, you name it and Russia has it.
The Russian Federation needs its current income to re-invest into its infratructure and develop modern industry.
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