Oil production in Russia equaled the record of the Soviet time

Central dispatch administration of fuel and energy complex reported that oil production in Russia in 2019 equaled the record of Soviet industry.

In 1987, was a record of oil production in the USSR — 569,5 million tons. In all subsequent years the volume of oil production decreased. In 1996, production fell to 303 million tons. Until 2019 the maximum production was recorded in 2017 and 2018 — 549 and 556 million tonnes, respectively. In 2019, Russia produced 560,2 million tons of black gold.

the energy Ministry predicts that oil production could once again decline in the coming years. To prevent this, we need to reform the taxation of the industry, reports TASS. Currently, the oil industry bears the greatest tax burden in the world – to 70 percent of the revenue of the companies, said the Minister of energy Alexander Novak. Half of the oil reserves under the current fiscal system uneconomic to develop.