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January 02, 2013

Russia's 2012 Oil Output Hits Post-Soviet High

by VOA News

Russian oil production reached a post-Soviet record in 2012.

Data from Russia's energy ministry in Moscow shows oil and gas production grew at least one percent last year to reach a high of 10.4 million barrels per day. Russia had established its previous post-Soviet record in 2011 when output stood at slightly more than 10 million barrels per day.

​​​​The current oil output rate outpaces that of Saudi Arabia and secures Russia's position as the world's biggest oil producer.

The oil and gas sector accounts for roughly half of all budget revenues in Russia. But the government is still trying to change that by diversifying the economy in the hopes of shedding Russia's dependence on the global price of oil.

Some information for this report was provided by AFP and Reuters.