Russia’s oil production in 2013 reached a record-breaking figure of 523.2 million tonnes, Russian Minister of Energy Alexander Novak said on Thursday.
“The oil sector is demonstrating positive dynamics,” he said at a meeting with Russian President Vladimir Putin. “In 2013, oil production amounted to 523.2 million tonnes. It is by 4.5 million tonnes more than in the previous year. It is a record-breaking figure. We have reached the level we haven’t had since the 1990s.”
Novak reminded of the forecasts of the socio-economic development of the country that had projected oil production at 505-510 million tonnes. He attributed the growth in oil production to amendments to the Russian tax laws aiming to encourage the development of new and tight oil fields.