RUSSIA CAN INCREASE TO 14 MLN BBL

Russia can increase its oil production to as much as 700 million tonnes of oil per year (14 million barrels of oil per day) and export 300 billion cubic meters of gas to China annually, Rosneft Chief Executive Igor Sechin said on Friday.

Speaking at the Eastern Economic Forum, Sechin added that production costs for Russia's largest oil fields were lower than for its global peers.

A weak ruble is offsetting low oil prices for Russian oil producers.