11 Jul 2013 15:03

Russian Energy Ministry forecasts unchanged oil output at 518-520 mln tonnes in next three yrs

MOSCOW. July 11 (Interfax) - The Russian Energy Ministry predicts that oil production in the country will remain unchanged at 518-520 million tonnes in the next three years, Deputy Energy Minister Kirill Molodtsov told reporters.

"We're not planning on reducing production, we'll keep 518-520 million tonnes in the next three years," he said.

Molodtsov previously said that Russian oil production in 2013 would be no lower than in 2011 and 2012: about 520 million tonnes, adding that was the highest annual production since Soviet times.

The Energy Ministry sees no reason to reduce oil production in future, he said.

The ministry forecasts natural gas production in 2013 to total 600 billion-610 billion cubic meters.