RUSSIAN OIL PRODUCTION LAGGING BEHIND EXPORTS

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MOSCOW, February 16 (RIA Novosti) - Russia's oil output grew by 8.9 percent year-on-year in 2004, to reach 458.7 million tons, whereas its oil exports increased 15 percent, to 257.4 million tons, the Federal Statistics Service reports.

Oil sales on the domestic market came to 195 million tons in 2004, marking a 2.6 percent increase on the previous year's figure.

The production levels reached 39.4 million tons last December, up 2.6 percent from November and 5.8 percent from December 2003.

Exports in December amounted to 22.8 million tons, having increased by 3.4 % on November's figure and by 7.7 %, on December 2003.

In 2004, the share of oil reached 32.1 percent in Russia's overall exports and 56.2 percent in the fuel exports (as compared with the previous year's 29.1% and 51.2 %, respectively).

Russian oil exporters had 53,305,600,000 dollars added to their transit hard-currency accounts in 2004-a 26.4 percent increase year-on-year. Of this amount, $33,340,600,000 was transferred to their current hard-currency accounts (15.3 % more than in 2003).

Last December, the actual export price of crude averaged $234.1 per ton (89 percent as against November 2004 and 128.8 percent, against December of 2003). The world price of Urals crude was $257.7 per ton (94.3 percent, as compared with November and 124.8 percent, against December 2003).

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