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Oil, industrial production grow 4.2%, 7.5% in 1Q07

MOSCOW, May 17 (RIA Novosti) - Oil output in Russia grew 4.2% in the first quarter of 2007 year-on-year to 121.2 million metric tons (about 890 million bbl) while industrial output climbed 7.5%, the federal statistics body said Thursday.

Crude sales on the domestic market in January-March grew 6.5% to 56.2 million metric tons (413 million bbl), and exports edged up 3% to 63.1 million tons (464 million bbl). In March, domestic sales rose by 5.4% to 19 million metric tons (140 million bbl) and exports by 3.2% to 22.3 million tons (164 million bbl).

The Federal Service for State Statistics said oil accounted for 33% of Russia's exports in January-March.

In March, Russia produced 9.8 million barrels a day. Iraq and Saudi Arabia produced over 2.023 and 8.5 million barrels a day respectively. The average export price for oil was $383 per metric ton, and the Urals brand price on the world market grew 9.3% to $430.

Automobile manufacturing rose 13.1% to 394,000 cars in the first quarter. Production of meat and meat products grew 22% year-on-year to 763,000 metric tons, while bread and bakery product output slipped 0.1% to 2.5 million metric tons.

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