Russia continues to be world's largest oil and gas producer

Over the next 20 years Russia will maintain its position as the world's largest producer of oil and gas, said Deputy Energy Minister Sergey Fyodorov while speaking at the international conference entitled New possibilities and markets for Russian and Caspian Region oil and gas exports. He said according to forecasts by 2020 Russia will export approximately 310 million tons of oil and more than 250 billion cubic meters of natural gas yearly. 'Up to 180 million tons of oil will be exported to CIS countries annually,' said Fyodorov. He added that at the present time Europe continues to be the main consumer of Russian oil and gas. 'Currently about 90% of our total oil and gas exports are going to Europe because there are more complications with exporting our fuel to the US and the Orient,' he said.

Fyodorov said the Energy Ministry is currently grappling with the strategic problem of more efficiently using the country's fuel resources. In order to create better efficiency, we need to give the country's fuel and energy industry the leading role in the economy. Fyodorov said that the ministry is also reviewing plans for pipelines to several European countries. 'We are looking at the possibility of developing a pipeline and corresponding branches to Germany,' he said. Fyodorov also did not rule out the possibility of developing pipelines to Great Britain and Scandinavia.