Russia’s oil production will exceed this year the 2014 level by 0.8%, according to the estimates by the State Duma, the lower house of parliament in Moscow, reports Sputnik, quoted by Mediafax.

The Russian government predicts that oil production will reach approximately 531 million tons later this year and the gas production will total 626 billion cubic meters. For 2016, the Moscow Government forecasts that oil exports will exceed 233 million tonnes, while deliveries of natural gas will reach 175 billion cubic meters.

The Government expects the federal budget to increase next year by 195 billion rubles (3.1 billion dollars at current exchange rates) by maintaining the oil export duty applied to 42%. Authorities initially intended to reduce this tax to 36%.

The Brent oil price, the reference to the London Stock Exchange, is currently around 48 dollars a barrel, down 16% from early this year. Last year, Brent oil price fell by 48%.

Gazprom Group predicts that the gas price in Europe will be next year at the lowest level in 11 years, provided it is established according to oil prices with a lag of 6-9 months.

Russia’s draft budget for 2016 is designed for a gas price of 200 dollars for 1,000 cubic meters, said this week two people close to the situation, quoted by Bloomberg.