Russia could boost its crude exports if the European Union's ban on the country's fuel imports results in lower refining capacity, Deputy Prime Minister Alexander Novak said in an interview withTass.

"If there are problems selling petroleum products, petroleum refining can be replaced to some extent with additional volumes of petroleum exports," Novak said. There is still a chance that the EU ban will not affect Russian oil refining at all, he said.

The EU ban on imports of Russian petroleum products will take effect from February 5, in addition to the crude import restriction imposed in early December. 

Russia will produce at least 490-500 million tons of oil next year, Novak said on Sunday, reiterating his earlier estimates. This is the equivalent of approximately 9.84 million to 10.04 million barrels per day, based on the 7.33 barrels per ton ratio

Russia can produce 535 million tons of oil this year, Novak said on Friday in an interview with theRossiya-24 TV channel. 
 

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