Oil price set to rise with increased demand

Russian oil output rose to a record 10.1 million barrels per day in 2010, as higher prices prompted the world's top oil exporter to ramp up production at its greenfield sites. Exports are set to increase substantially this year as Russia began to pump oil to China via an East Siberian link on Saturday, cementing ties with its energy-hungry neighbour. Bashneft , owned by oil-to-telecom holding Sistema , which has been pumping oil at the highest rate among Russian firms, increased production by almost 18 percent to 14.15 million tonnes in 2010.