2 Sep 2011 16:08

Russia could sustain 505-510 mln tpy oil output until 2020 - ministry

MOSCOW. Sept 2 (Interfax) - The Russian Energy Ministry expects the country could sustain annual oil production of 505 million-510 million tonnes per year in the period to 2020, Deputy Energy Minister Sergei Kudryashov said at a press conference.

Reports have said Russia could edge oil production up 0.8% in 2011 to 509 million tonnes and refine 255 million tonnes, up 2.5%.

The ministry says average daily oil production grew to 1.4 million tonnes in August, from 1.394 million tonnes in January 2011.