Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Oil Output Boom Set to Continue

The country's crude oil output will grow steadily in the second half of the year, the Energy Ministry said Wednesday, as oil majors invest more in production spurred by high oil prices.

The ministry said in a statement that Russia would produce at least 208.8 million metric tons (8.31 million barrels per day) in July-December 2003 compared with 202.4 million tons (8.20 million bpd) in January-June of 2003.

Russia's oil production is booming for the fifth straight year and the biggest producer outside OPEC is closing in on the levels of output in Saudi Arabia, the world's top oil producer.

The country is also the world's second largest oil exporter after Saudi Arabia, shipping around 4 million bpd to international markets.

The statement also said that if the figure of 208.8 million tons were achieved in the second half it would represent a 5.7 percent growth year on year. It also said gas production in Russia was set to rise by 2.7 percent year-on-year in the second half to reach 300.4 billion cubic meters.