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Page added on November 3, 2013
Russia breaks oil output record
Russian oil output, the largest in the world, reached 10.59 million bpd (barrels per day) in October, setting the record for the country’s post-Soviet period, Energy Ministry data showed.
The landmark was reached due to Rosneft increasing production at the Vankor field in the Krasnoyarsk Region, the Vedomosti paper reports.
The output at the field was 18.3 million tons last year, with the company planning Vankor reach 25 million tons annually.
Another influential factor is the larger amount of Gazprom-produced gas condensate, which has now reached 350,000 bpd.
The country’s total output in October reached 44,773 million tons, which is 1.3 percent higher than during the same period last year.
According to the International Energy Agency, Russia’s all-time production of black gold reached its peak at 11.41 million bpd in 1988, when it was still part of the Soviet Union.
The production of oil in Russia has been steadily growing since the setback caused by the global financial crisis in 2008, which saw output falling to about 9.8 million bpd.
In September 2009, it exceeded a monthly level of 10 million bpd, with the country overtaking Saudi Arabia as the world’s largest oil producer the next year.
Oil and gas remain the No.1 source of income for Russia, as hydrocarbons account for 80 percent of the country’s export.
4 Comments on "Russia breaks oil output record"
BillT on Sun, 3rd Nov 2013 3:33 pm
And China is tapping into it, bypassing the US dollar in trade.
Brandon Phipps on Sun, 3rd Nov 2013 7:40 pm
China may be tapping into it to bypass the Petro Dollar, but their country is so over populated and polluted that they have resorted to creating fake cities to prop up their fake economy.
China has around 1/5th of the worlds population and about 6% of the worlds arable farm land, which means they have to import all of their food, or continue to make it from street sewage.
Pile that onto Russia’s determination to become legitimate again and get back to where they think they used to be, combined with Putin’s hypocrisy regarding social equality, and you have a recipe for the end of the cold war all over again.
The only people who find China or Russia even remotely relevant on the world stage are China, Russia, and a bunch of angry millennials.
The US could end the Chinese economy by bringing back all of the lost manufacturing jobs. A trend that is becoming more and more prevalent in the IT support arena as overseas call center jobs are being brought back to the states and Apple seriously considers moving its manufacturing to California.
China is an environmental disaster on a scale only met by Chernobyl and Fukushima.
Meanwhile the US has only begun to exploit the Bakken in ND with a heavier and heavier emphasis on exploration and exploitation in space as well as Green energy initiatives.
With the discovery of rare earth metals in US controlled sections of Afghanistan, China had better do something fast, and partnering with the other least relevant country from a forgotten backwater age seems to be the best they have.
BillT on Mon, 4th Nov 2013 2:33 am
Brandon, The US imports 20% of it’s food. Most of the minerals/energy needed for the few things we actually make here, and we are trying to pollute what is left of our water and soil.
Remember, when you point at someone. three fingers point back at you. The US is a 3rd world banana republic now. Russia is coming back strong and still has the largest country with the most reserves. And more nukes than the US.
China is growing on YOUR back, now. The conditions there are about like they were in the US 50 yeas ago. I remember seeing sewage flowing down the river near my home in the 60s, and acid rain that killed forests, and smog so bad you could not see past the 10th story on a building.
If we had not exported our pollution and money to China, they would not have the problem, or not as much. Be patient. Those conditions are headed back to the US soon.
Brandon Phipps on Sun, 11th Jan 2015 12:12 pm
Bill-
How’s that prediction looking now? Russia’s failing, again, China has had to readjust, again, the US economy is still improving, again, and we are now the largest petroleum producer in the world.
Hippies and millennial’s, always with the down with the US nonsense.
Always the doom and gloom, end of the US predictions.
Nothing. Every single time.