Russia’’s oil exports to outstrip production

Russia’s oil production will increase 3 percent this year, finance minister Alexei Kudrin told an investment conference, “Investment in the Russian economy”, today. Over the past four years, oil output had increased by more than 40 percent, he added.

Kudrin said Russia’s oil exports would increase faster than oil production in 2005. Oil exports have grown 10 percent since January 1. Analysts expect a lower figure at the end of this year, but it will be higher than production growth.

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