At the same time oil export revenues rose 51.2 percent to $136.7bn. Oil exports to countries outside the CIS and the Baltic states dropped almost 8 percent to 170.2m tonnes, while revenues grew 50.8 percent to $128.26bn. Exports to the CIS inched down 0.11 percent to just shy of 14.38m tonnes of oil, while revenues jumped 57.1 percent to over $8.443bn.
As reported earlier, Russia's oil output reached 491m tonnes in 2007. The Russian Energy Ministry has projected that oil production will decline by 1m tonnes in 2008 to 490m tonnes.
According to the Russian Federal State Statistics Service, Russia produced 406m tonnes of oil and gas condensate from January to October 2008, a 0.6 percent fall from the same period a year earlier.
Similarly, Russia's revenue from gas exports jumped 69.2 percent to $55.02bn. Exports to countries outside the CIS rose 10.8 percent to 134.1bn cubic meters, whereas exports to the CIS shrank 5.6 percent to $13.4bn cubic meters.
As reported earlier, Russia's gas production increased 1.4 percent to 540bn cubic meters, according to the data from the Federal State Statistics Service (Rosstat).
Author: Ksenia Kochneva
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Russian Oil Export Decrease While Gas Export Grow
RBC reports that in January-October 2008, Russia decreased its oil exports by 7.44 percent to 184.543m tonnes compared to the same period a year earlier. Meanwhile, natural gas exports grew 9.1 percent to 147.5bn cubic meters between January and October 2008 against the same period of the previous year
