Russian March oil output falls again, exports recover

MOSCOW, April 2 (Reuters) – Russia failed to grow its oil output for a third month in a row in March and closed the first quarter with a one percent production decline year-on-year, confirming gloomy outlook by analysts for the whole of 2008.

Energy Ministry data showed on Wednesday March oil production edged down to 9.76 million barrels per day from 9.79 million bpd in February, and well below the post Soviet high of 9.93 million bpd reached in October last year.

In absolute figures, March production was over 5 million barrels – the size of five large tankers – down from October.

Since October, oil production in Russia has been balancing between decline and stagnation, prompting many analysts to revise down their oil production forecasts for 2008.

Reuters