February 13, 2014 - 09:47 AMT
PanARMENIAN.Net - Russia will increase oil production this year by 0.3 percent to 525 million tons and boost its natural gas output by 4.8 percent to 700 billion cubic meters, the country’s Deputy Energy Minister said Wednesday, Feb 13, according to RIA Novosti.
“We could increase gas production even more, but there are issues with storage, transportation and consumption,” Kirill Molodtsov said.
The boost in oil output is expected as a result of launching new fields last year, he said.
In 2013, Russia produced just over 523 million tons of oil and 668 billion cubic meters of gas, according to state statistics.