Russia tops up output with new caches

Russia has fully replaced its oil and gas production this year with new reserves, Resources Minister Yuri Trutnev said.

Trutnev said yesterday that Russia, the world’s largest gas producer and the world’s second largest oil exporter, had discovered 500 million tonnes of new oil reserves this year and 650 billion cubic metres of gas. Russia’s energy ministry estimates this year’s oil output at between 485 million and 488 million tonnes, around 1% down from last year and the first decline in oil production in a decade. Russia’s gas output is expected to come at 660 Bcm this year.

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