14 Sep 2010 14:50

Russian 2010 oil production to top 500 mln tonnes

NIZHNY NOVGOROD. Sept 14 (Interfax) - Russian oil production in 2010 will top 500 million tonnes, Energy Minister Sergei Shmatko said.

Shmatko recalled that the Economic Development Ministry recently revised its forecast for the ruble exchange rate.

"Previously we were quite certain that given the strengthening ruble and the higher natural resource extraction tax (NRET) for oil, investment would decline and there might be a drop in production. But now there is no such certainty," Shmatko said.

Russia produced 494 million tonnes of oil in 2009, 1.2% more than in 2008.