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. Last Updated: 07/27/2016

Oil Output to Rise 0.4%

Russia may produce 0.4 percent more oil this year than last year, or 490 million tons, Energy Minister Sergei Shmatko said Thursday.

Shmatko’s estimate is more optimistic than that of Deputy Prime Minister Igor Sechin, who said in early August that Russia would produce 485 million tons of oil this year.

The country produced 488.1 million tons last year, the first year-on-year decrease in a decade, and Sechin had indicated to the Organization of the Petroleum Exporting Countries that Russia would join their efforts this year to lower output through a natural decline in production this year.

Shmatko also said the accident at the Sayano-Shushenskaya power station could cause a hike in electricity prices, but that the ministry would attempt to prevent abuse.