01:14 GMT16 May 2021
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    Russia will achieve record oil production volume in 2016, the Rossiya Segodnya International Information Agency’s rating experts (RIA Rating) said on Thursday.

    MOSCOW (Sputnik) — In the "Oil and Gas Extraction and Refining: Trends and Forecasts. January-June 2016 Results" bulletin, experts noted that in the first half of the year the Russian oil industry output reached 272.4 million tonnes (3.1 percent increase year-on-year) making a post-Soviet record. Most of the growth was provided by the Yamalo-Nenets and Nenets Autonomous Regions, Sakhalin region and Irkutsk region.

    Experts believe that although the growth rate could diminish in the second half of the year, total oil production in 2016 will increase by some 6-7 million tonnes, or 1.5-1.6 percent year-on-year to a new record value of 539-540 million tonnes.

    Prices on the European gas market have increased significantly in the second quarter of 2016. However, despite the significant boost in exports, the gas production in Russia decreased due to a reduction in domestic demand.

    The Russian oil refining industry continues its production decline due to reductions in low-margin heavy petroleum products output. At the same time, gasoline production increased while oil refining efficiency reached record levels.

    RIA Rating is a rating agency of the Rossiya Segodnya International Information Agency, specializing in performance assessment of companies, regions, banks, industries and credit risks. The agency assigns credit and reliability ratings to banks, companies, regions, municipalities, insurance companies, securities, other economic entities; carries out economic studies in the financial, corporate and public sectors.

    Rossiya Segodnya International Information Agency is an international media group whose mission is to cover world events in a prompt, balanced, and unbiased manner. Rossiya Segodnya offers alternative views on key events in Russia and elsewhere. The agency operates a number of information resources, including RIA Novosti, RIA Real Estate, Prime, R-Sport, RIA Rating and InoSMI. Rossiya Segodnya is the news agency most commonly cited by the Russian media and is building the citation rate of its foreign brands, while leading in the Russian blogosphere and social media.

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