Russian oil output to hit 530 million tons by 2015

MOSCOW, Oct. 31 (Xinhua) -- By the year 2015, oil production in Russia will reach 530 million tons and exports increase to around 310 million tons, Russian Energy and Industry Minister Viktor Khristenko said Monday.

Western Siberia is Russia's main base of energy resources, where oil production will be growing by 2010-2015, Khristenko said at the opening ceremony of the All-Russia Oil and Gas Week.

Europe will remain Russia's main energy market, Khristenko said. He also emphasized Russia's growing energy exports to the United States, saying exports of Russia's oil and oil products to the US have more than doubled over the past year, according to the Itar- Tass news agency.

Russia's energy cooperation with the US is characterized by positive dynamics, although Russian exports account for only four percent of the overall energy consumption in the country, Khristenko said.

Russian energy exports to the Asian Pacific region will grow six- fold within the next decade and are expected to account for 18 percent of Russia's entire oil and gas exports by the year 2015, he added.