Russia to Top Record 2009 Oil Output Next Year

Russia, which has now surpassed Saudi Arabia as the world’s largest oil producer, expects to top record 2009 output next year due to production from new oil fields, the deputy energy minister said Tuesday.

Sergei Kudryashov predicted 2010 production would be more than 490 million metric tons, the official output forecast for 2009: “This has been written into the budget,” he was quoted by Interfax news agency as saying.
With new fields in the Arctic and eastern Siberia, Russia’s oil output has shot past 2008’s yearly production of 488 million tons. The Russian government meanwhile relies on oil exports for about 40% of its budget.

“Based on the results of the first nine months, you could say we’ve managed to buck the downward trend in oil production seen in 2008,” Kudryashov said.

“Despite the financial crisis, we’ve managed to prevent investment in the sector from falling and retained targeted investment in certain projects.” He added that oil output might even beat forecasts by the end of this year.

Rigzone