RIA Novosti reported that Russia oil output should reach up to 535 million tonnes and gas production will grow to 880 billion cubic meters to 940 billion cubic meters annually by 2030.

Referring to an energy strategy up to 2030 due to be discussed at a government meeting on Thursday, the source said the strategy was not a forecast, but the country target. Oil exports should rise to 329 million tonnes by 2030, mostly due to a planned increase in crude supplies to the east of 20% to 25% from the current 6%.

The source said "Apart from developing the European market, substantial expansion is also envisaged in the east."

Mr Igor Sechin a Russian deputy prime minister in charge of the fuel sector at the Russian government said earlier the country planned to produce 490 million tonnes of oil in 2010. The Economic Development Ministry forecast earlier that crude output would drop 1.1% to 482 million tonnes in 2009.

Russia produced 488 million tonnes of oil in 2008.

According to the statistics service, the country is expected to produce 620 billion cubic meters to 644 billion cubic meters of natural gas in 2009. Last year, gas production rose 1.6% to 663 billion cubic meters.

(Sourced from RIA Novosti)