Russian Oil Revenues

According to Opec, Russia extracted 9.236 million barrels of oil a day in June, 46,000 more than Saudi Arabia. The statistics also showed that Russian production in the first half of this year increased to 235.8 million tons, a year-on-year improvement of 2.3 per cent.

With oil prices hovering above $70 a barrel for London Brent crude because of uncertainty over Iranian supply and BP's pipeline crisis in Alaska, Russia is enjoying an unprecedented bonanza.

But analysts say its oil industry is already working close to capacity and that it will be able to manage output increases of up to only 2 per cent a year between now and 2009.

Money from oil and gas accounts for 52.2 per cent of all revenues to the state treasury and more than 35 per cent of Russia's exports.

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