Russia’s oil
production in 2019 reached 560.2 million tonnes. According to statistics,
Soviet oil production set a record in 1987 at 569.5 million tonnes. Later it
continued decreasing and plunged to 303 million tonnes by 1996.
MOSCOW, January 3.
/TASS/. Russia’s oil production in 2019 reached 560.2 million tonnes, exceeding
the levels of 2017 and 2018 when it hit a record high of 549 million tonnes and
556 million tonnes, according to the Central Dispatching Department of the Fuel
Energy Complex.
According to
statistics, Soviet oil production set a record in 1987 at 569.5 million tonnes.
Later it continued decreasing and plunged to 303 million tonnes by 1996.
Russia’s Energy
Ministry predicts that domestic crude output could face a decline in the coming
years unless a taxation reform is carried out. Energy Minister Alexander Novak
says that Russia’s oil sector bears the highest tax burden in the world that
amounts to 70% of companies’ revenues. The development of nearly half of
Russia’s oil reserves is unprofitable under the current taxation system, he
notes.
Source: ITAR-TASS
03-01-2020
