Russian crude oil exports seen down 4.3pc in 2014

MOSCOW: Crude oil exports from Russia is expected to fall by more than 4 percent this year, to 229 million tonnes (4.6 million barrels per day), Energy Minister Alexander Novak cited preliminary data on Tuesday.

He also said on Tuesday that crude oil output in Russia, one of the world's top oil producers, is expected to edge up 0.6 percent to 526.6 million tonnes in 2014, what would be a new post-Soviet record-high. Output may edge down to 525 million tonnes next year.

Russia has been decreasing crude oil exports due to rising domestic demand and refining volumes.