Russia may increase oil output to 516 million Tons in 2012 Sunday, 22 January 2012 09:08

MOSCOW: Russia, the world's largest crude-producing country, is planning to raise its oil production by 1 percent in 2012 to 516 million metric tons, Russian Energy Ministry said.

"We are expecting the increase at about 1 percent or around five million tons in 2012," Russian Deputy Energy Minister Sergei Kudryashov said.

Russia produced 511.4 million tons of crude in 2011, posting a 1.23 percent increase compared with 2010.

Kudryashov said that investment and production forecasts announced by Russian companies indicated that a 1 percent increase in oil production this year was an attainable goal.

Russian Energy Ministry is expecting oil production in Russia to average 510 metric tons annually until at least 2020. (QNA)