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Page added on January 3, 2018
Russia Boosts 2017 Crude Oil Production To 30-Year High
OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal.
The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 million barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.
Libya saw a 30,000-barrel-a-day decline to 970,000 a day following a pipeline blast, which was offset by an increase from Nigeria. Both countries were exempt from cuts last year but are now expected to join the effort with a combined limit of 2.8 million barrels a day. OPEC and its allies agreed Nov. 30 to extend their output agreement until the end of 2018 to balance the market.
Production in Saudi Arabia, OPEC’s biggest member, slipped by 20,000 barrels a day to 9.95 million a day, the surveyed showed. Venezuela, which has suffered a slump in output amid economic collapse and U.S. sanctions, reduced volumes by a further 50,000 barrels a day to 1.81 million a day.
But, as OilPrice.com’s Tsvetana Paraskova writes, despite the fact that Russia is cutting its oil production as part of OPEC and allies’ deal to restrict global oil supply, Moscow’s average daily crude oil production inched up again in 2017, to a 30-year-high of 10.98 million bpd, according to Russian Energy Ministry data.
Non-OPEC Russia, like OPEC’s de facto leader Saudi Arabia and most of the other cartel members, entered the joint deal on January 1, 2017 at a very high level of production, which took much of the sting out of the cuts. In the last quarter of 2016, Russia’s production had hit a post-Soviet era high, while year over year in 2016, production grew to 10.96 million bpd, from 10.72 million bpd in 2015.
Russia’s pledge in the OPEC/non-OPEC deal is to shave off 300,000 bpd from the October 2016 level, which was the country’s highest monthly production in almost 30 years–11.247 million bpd.
Moscow’s commitment to the deal, however, included a gradual reduction until reaching the 300,000-bpd cut by the spring of 2017, so for a few months in early 2017, Russia’s monthly production was above 11 million bpd.
Russia’s oil production in December 2017 was 10.95 million bpd, up from 10.94 million bpd in November, driven by 0.2-percent growth in production at the biggest oil firm, Rosneft.
For the whole of 2017, Russia’s average annual oil production increased for a ninth year in a row.
To compare, in 1999, the average annual oil production in the country was 6.1 million bpd.
The Russia-led non-OPEC producers and OPEC agreed at the end of November to extend their production cut pact to the end of 2018, in their efforts to continue drawing down the global oil overhang. If the deal holds until the end of this year, Russia’s oil production growth could stall, considering its commitment to the pact.
9 Comments on "Russia Boosts 2017 Crude Oil Production To 30-Year High"
JuanP on Wed, 3rd Jan 2018 7:30 pm
The two countries that have most defied my expectations regarding their oil production during the last decade are Russia and the USA. I don’t cease to be amazed at the fact that they are still increasing production. Once production in these two countries stops growing there will be little else left elsewhere.
Makati1 on Thu, 4th Jan 2018 8:19 pm
Juan, The US is producing oil with debt. Fraking has always been a losing game. When the financial screws tighten, and they will soon, the fraking oil will slow and stop. Some of the big oil companies may go belly up also. THEM the US will be even more dependent on imports.
Not so in Russia. Their lower cost of recovery will keep them pumping and moving rigs offshore in the Arctic. I see them as the number one oil producer for a long time to come. Especially if the ME wars escalate. China is tied to Russia for a reason. Resources. (And to break the USD stranglehold.)
Makati1 on Thu, 4th Jan 2018 8:20 pm
Not “THEM” … ‘Then”. Spell check doesn’t always work. lol
Boat on Thu, 4th Jan 2018 8:28 pm
Mak
It shows you don’t follow oil. At today’s prices about all producers are making money by the fistfull.
Cloggie on Fri, 5th Jan 2018 2:02 pm
Richard Heinberg is trying to hide under the table out of embarrassment. Millimind will again post his mini-2010-peakoil repertoire of pear-reviewed articles. The rest of the world switches to renewables.
Yawn.
MASTERMIND on Fri, 5th Jan 2018 3:06 pm
Cloggie
As M. King Hubbert (1962) shows, Peak Oil is about discovering less oil, and eventually producing less oil due to lack of discovery.
https://imgur.com/a/6dEDt
IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000
Saudi Aramco CEO sees oil shortage coming despite shale boom as investments, discoveries drop
https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR
Peak Oil Vindicated by the IEA and Saudi Arabia
There is no end to your peak oil denial. lol
MASTERMIND on Fri, 5th Jan 2018 3:21 pm
Dear Reader,
Here are five peer reviewed scientific studies authored by top experts that prove beyond any reasonable doubt that global civilization will collapse within the next decade.
http://www.sciencedirect.com/science/article/pii/S0921800914000615
https://www.permaculture.org.au/files/Peak%20Oil_Study%20EN.pdf
http://rspb.royalsocietypublishing.org/content/280/1754/20122845
http://sustainable.unimelb.edu.au/sites/default/files/docs/MSSI-ResearchPaper-4_Turner_2014.pdf
http://www.feasta.org/2012/06/17/trade-off-financial-system-supply-chain-cross-contagion-a-study-in-global-systemic-collapse/
Denial Stops Here!
MASTERMIND on Fri, 5th Jan 2018 3:49 pm
Oh Look clog and Theo
Its your nationalist boy Trump dancing with the Saudi’s!
https://imgur.com/a/RPizz
Christianity is dying! Islam and Atheism is the future..take your pick
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