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The pace of growth in oil production in 2009 will fall to 1.4%, according to a report on the main areas of budget and tax policy in 2007 prepared by the Russian Finance Ministry.
According to the document, oil production in 2006 will amount to 482 million tonnes (up 2.6% year-on-year). In 2007 growth in production will start to fall and production will only increase 2.1% to 492 million tonnes, in 2008 - 1.6% (500 million tonnes) and in 2009 - 1.4% to 507 million tonnes. According to Finance Ministry forecasts, oil exports in 2006 will amount to 255 million tonnes (up 1.2%), in 2007 - 264 million tonnes (3.5%), in 2008 - 270 million tonnes (2.3%) and in 2009 - 274 million tonnes (1.5%).
Federal budget revenue from the mineral extraction tax, according to Finance Ministry estimates, will gradually fall: in 2006 it will amount to 1.13 trillion rubles, in 2007 - 1.0377 trillion rubles, in 2008 - 906.4 billion rubles and in 2009 - 806.1 billion rubles. Budget calculations for 2007 have been made taking an expected drop in oil price from $65 per barrel this year to $61 per barrel next year, the report said.
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