The economic development Ministry raised its forecast for oil production in 2016-2018

MOSCOW, 24 Oct. The Ministry of economic development in the final version of the socio-economic development has revised the data on the oil production in Russia; according to the latest forecast, in 2015 the production will be 530,5 million tons, in 2016 — 533 million tons, in 2017 — 530 million tons, and in 2018 — 528 million tons.

Earlier in October the Ministry of economic development gave a different forecast for oil production in 2016 — 528 million tons, in 2017, 526 million tons, in 2018 525 million. Thus, the Agency has revised the Outlook on mining in the years 2016-2018 in the direction of increasing. The 2015 forecast remained unchanged.

Oil exports in 2015-2018 projected Agency level 237,3; 233,5; and 237,5 of 234.5 million tonnes respectively.

By the end of 2014 oil production in Russia increased by 0.7% to 526,8 million tons, exports amounted to 223,4 million tons.