Russian oil output seen rising 1pc in 2012

MOSCOW: Russian Energy Ministry expects crude oil production to edge up by 1 percent this year to a new record as a decline in output at traditional fields will be offset by a rise in new deposits, a deputy minister said on Saturday.

Last year, oil output in Russia, the world's top crude producer, edged up 1.2 percent to reach a new post-Soviet high of 10.27 million barrels per day (bpd), or 511 million tonnes.

"Taking into consideration companies plans, this would be around 1 percent. We will add some 5 million tonnes," Sergey Kudryashov told Rossiya 24 state-owned TV channel. The growth would slow further from 2.2 percent in 2010.

Russia aims to maintain annual oil production at around 510 million tonnes, or just over 10 million bpd, in the next 10 years.

It also sees its crude oil exports flat at 250 million tonnes in 2012. Oil and gas production account for around a half of budget revenues of Russia.