Russian oil exports to increase in future

In the next ten years the volume of Russian oil exports may advance to 220m-250m tons of oil annually, a representative of NIKoil declared at an international conference in Moscow today. Russian oil exports amount to 160m-170m tons at present.

Speaking about oil exports from the Caspian Sea region he said that Azerbaijan and Kazakhstan would increase their oil exports to 30m tons of oil in the next ten years. He also stressed that in this period the oil demand would surge on the Eastern Asia markets. In particular the Chinese demand will be 100m tons of oil annually.

Russia's current oil consumption level is 140m-150m tons per year.

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