"We proceed from the expected volume of [oil] production in 2015. This year we expect a 1.3 percent growth to 532-533 million tons. Our companies confirm that approximately the same level will be reached in 2016. Given the tax exemption, there is a risk of decline in production in 2017," Novak told reporters.
The minister added that his department plans to keep Russian oil production at a level of at least 525 million tons a year.
Novak clarified that oil exports next year are expected to be equal to those in 2015, at some 237 million tons.
Russia is a major exporter of crude oil, petroleum products and natural gas. The country's oil-dependent economy has been hit by plummeting prices over the past year, a result of global commodity oversupply.
Russia's 2014 oil output rose by 0.7 percent, while it exported 223.4 million tons of crude oil in the same year, the lowest export level since 2002.
