ROME, May 24 (RIA Novosti) - Oil production in Russia
is showing the signs of growth compared with last year and is
expected to match the 2008 level, Energy Minister Shmatko said
on Sunday.
Shmatko is attending a two-day meeting of G8 energy
ministers, which opened in Rome on Sunday with an investment
forum involving global energy companies. The ministers' meeting
is aimed at preparing the energy agenda for the G8 summit to be
held in July in L'Aquila, central Italy.
"Today we can confidently speak about the reliable and
stable situation in the Russian oil industry. According to my
data, a slight growth in oil output has been observed compared
to 2008," Shmatko said.
The minister said that the necessary tax reforms
implemented as part of the government's anti-crisis measures
amid the ongoing economic crisis has prompted the heads of oil
companies to cancel planned investment cuts.
Domestic oil output in April grew 1.9% year-on-year, the
country's top statistics service Rosstat earlier said.
Russia's Economics Ministry earlier predicted that crude
oil output could decline 1.1% in 2009 to 482 million metric
tons (3.5 billion barrels) with exports to shrink 2.5% to 237
million metric tons (1.7 billion barrels).
Russia's oil output declined 0.7%, year-on-year, in 2008
to 488 million metric tons (3.6 billion barrels).
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