Russian Oil Output Rises 2.2 Percent, Lowest Growth Since 1999

Russia, the world’s second-largest oil supplier, raised output 2.2 percent in 2006, the smallest annual increase since 1999, after companies cut investment because the state is increasing controls on the industry.

Average daily oil output was at 480.5 million tons, or 9.6 million barrels a day, up from 470.2 million tons in 2005, according to the Energy and Industry Ministry’s CDU-TEK unit. Oil exports by pipelines from Russia outside the Commonwealth of Independent States rose 1.7 percent to 221.7 million tons.

Output growth slowed as the government tightened control over the nation’s energy resources, pressuring companies with investigations into their compliance with state environmental law and licenses.

Bloomberg