Russian oil production increases 1.23%

Russian oil production increased by 1.23% in the first three quarters of this year to 381.446 million metric tons, and exports shrank by 2.13% to 180.429 million tons, the Energy Ministry said. Russia refined 192.498 million metric tons, a 3.94% rise, and distilled 191.129 million metric tons of crude oil, a 3.24% increase. The Energy Ministry said Russia had produced 505.194 million metric tons of oil in 2010, which is a 2.2% increase year on year. The country exported 0.6% less oil, or 246.816 million tons. The Energy Ministry expects annual oil production to increase to 509 million metric tons and to stay at 505-510 million a year until 2020. In late September, the Economic Ministry raised oil production forecast from 509.1 to 505 million metric tons. Oil export forecast for 2011 has also been increased by 1% and is expected to be 244.5 million metric tons.