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. Last Updated: 07/27/2016

Crude Oil Fall to Continue

Russia's crude oil production will continue to fall next year, dropping below 300 million metric tons for the first time since the 1970s, according to a government forecast Friday.

The report by the Fuel and Energy Ministry also predicted that despite declining production, Russia would ship even more oil to countries outside the former Soviet republics.

Exports would rise by 25 percent to 30 percent, as producers sought to increase their hard-currency earnings.

In the first seven months of this year, Russia produced 175.3 million tons of crude oil and gas condensate, down 14 percent from the same period of 1993. Output in 1993 totaled 355 million tons, down 12 percent from the year before.

The report said the oil sector needs 100 trillion rubles ($50 billion) in investment next year to slow the annual output decline to 1 percent.