10m bpd target for Russian oil
http://business.scotsman.com/economy.cfm?id=1804402005
OIL production from Russia should reach ten million barrels per day (bpd) by 2008, according to the country's economic ministry, despite a big slowdown in growth over the last year.
The country is the world's second largest oil exporter, and an economic report prepared by the ministry said production would rise to 9.78 million bpd in 2006, 9.94 million bpd in 2007, and 10.10m bpd in 2008.
Russian oil output has grown by more than 50 per cent since 1999 to the current level of more than 9.4m bpd, but the growth slowed to a mere three per cent in the first half of 2005.
The stagnation in production has been linked to multiple factors, including high taxes and the Kremlin-inspired demise of oil major Yukos.
But the optimistic report said rising global oil prices would drive future growth
OIL production from Russia should reach ten million barrels per day (bpd) by 2008, according to the country's economic ministry, despite a big slowdown in growth over the last year.
The country is the world's second largest oil exporter, and an economic report prepared by the ministry said production would rise to 9.78 million bpd in 2006, 9.94 million bpd in 2007, and 10.10m bpd in 2008.
Russian oil output has grown by more than 50 per cent since 1999 to the current level of more than 9.4m bpd, but the growth slowed to a mere three per cent in the first half of 2005.
The stagnation in production has been linked to multiple factors, including high taxes and the Kremlin-inspired demise of oil major Yukos.
But the optimistic report said rising global oil prices would drive future growth
posted by Marcel at 8:53 AM
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