Crude oil production in Russia up 0.87% to 523.2 mln t in 2013

In 2013, crude oil production in Russia climbed by 0.87%, year-on-year, to 523.2 mln t, Energy Minister Alexander Novak said at his meeting with RF President Vladimir Putin. According to the meeting transcript, the growth made 4.5 mln t in absolute terms.

The Minister says the legislation amendments encouraging investments into the development of hard to recover reserves made it possible to involve almost 8 bln t of crude into economic production, hence the efficiency improved from 12 to 20 bln t.