Russia: Oil Output Disappoints

The Industry and Energy Ministry said Thursday that it had cut its oil output growth forecast for 2007 to 2.1 percent from the 2.5 percent it had expected earlier.

The ministry said Russian crude oil production would rise to 490 million tons from the 480 million tons produced last year, when the growth rate was the same 2.1 percent. Oil output growth has slowed to 2.7 percent in 2005 following big spikes in previous years, including a 9 percent growth in 2004 and a record 11 percent in 2003.
Moscow Times