Russia oil output seen up at 10.3 mbpd in 2010

Russia expects its oil output will rise by 4.6 percent in 2010 compared to 2007, an energy ministry document showed on Wednesday, stopping short of making predictions for 2008-09.

A government source quoted the report, issued by Energy Minister Sergei Shmatko to Prime Minister Vladimir Putin, as saying that oil output in Russia will reach 514 million tonnes (10.3 million barrels per day) in 2010, up from 491.5 million tonnes last year.

The report did not include the ministry’s forecasts of oil production for this year and 2009.

Reuters