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Page added on April 2, 2016
Russian oil output highest in 30 years
Russia’s oil production rose 0.3 percent to 10.91 million barrels per day in March, its highest level in nearly 30 years, raising questions over Moscow’s commitment to freeze output ahead of a producers’ meeting in Doha later in April.
Energy Ministry data on Saturday showed that in tonnes, oil output reached 46.149 million in March versus 43.064 million, or 10.88 million bpd, in February.
Leading oil producers, including Russia, are due to meet in Doha on April 17 for talks on how to freeze oil output at the average levels reached in January to support the global market.
But the increase in Russian output to levels not seen since 1987, when it reached a record high of 11.47 million bpd, suggests it may prove difficult for Moscow to stick to oil output freeze commitments.
Russian Energy Minister Alexander Novak said the March production would not be an obstacle to the expected agreement on a production freeze, local news agencies reported.
Some oil industry observers said that it would be hard for Russia to stick to an output freeze since the domestic industry is dominated by several big oil companies, such as Rosneft (ROSN.MM), Gazprom (GAZP.MM) and Lukoil (LKOH.MM), each with their own agenda.
The latest production statistics showed that companies, categorised by the ministry as “small producers” were behind the higher production total, with an increase of 1.5 percent to 4.92 million tonnes (1.16 million bpd) in March.
An 11.9 percent rise in output from joint ventures with foreign oil companies also contributed to the increase in the total production figure. Oil output under these production sharing agreements, designed in the 1990s to encourage investment by foreign oil companies, rose to 1.51 million tonnes (357,000 barrels per day) last month.
Output from major Russian oil companies fell last month, lead by a 0.7 percent output decline at world’s biggest listed oil producer Rosneft. Output at Lukoil and Surgutneftegaz (SNGS.MM) edged down by 0.1.
Rosneft has said it plans to keep production unchanged this year after it fell by 1 percent in 2015.
The data also showed that Russian pipeline oil exports rose to 4.45 million bpd last month from 4.31 million bpd in February.
Natural gas production was at 53.98 billion cubic metres (bcm) last month, or 1.74 bcm a day, versus 52.92 bcm in February.
23 Comments on "Russian oil output highest in 30 years"
Truth Has A Liberal Bias on Sat, 2nd Apr 2016 5:09 pm
Wow look at that eh GregT! More evidence that oil production can increase during an economic recession lol where did you ever get the retarded idea that oil production can’t increase in a recession. I’m a hard-crash-peakist-doomer but you probably mistake me for a cornie cuz I’m not a fucking retard.
makati1 on Sat, 2nd Apr 2016 6:57 pm
Truth, desperation can trump any prediction. Russia needs the money. What do people do when they are in desperate straits and need money? Sell everything, even their kids. There are NO rules today. Anything goes and it will only get worse as we approach the cliff.
makati1 on Sat, 2nd Apr 2016 7:51 pm
“U.S. Oil Production to Drop to 5 Million Barrels Per Day over Next 12 Months (Video)”
Now wouldn’t that be a kick in the pants for Amerika? LOL
http://www.zerohedge.com/news/2016-04-02/us-oil-production-drop-5-million-barrels-day-over-next-12-months-video
Bring it on!
Boat on Sat, 2nd Apr 2016 8:12 pm
mak,
You search the internet to look for honest news and this is one of your examples.
Hate is a poor excuse to cheer stupidity. One has to wonder what happened to you.
Dooma on Sat, 2nd Apr 2016 8:38 pm
Every man and his’ oily dog who has oil is going to keep on pumping because their economies are hurting for many reasons including shrinking oil revenue. But basically, the whole world is suffering as a result of not dealing with the root cause of the GFC. That bad debt is still walking around out there like a zombie. We need a correction of epic proportions. World changing in size.
makati1 on Sat, 2nd Apr 2016 8:43 pm
Boat, since you are the Stupidity poster child, look in the mirror. I’m fine. I cannot say the same for you. I must not be too stupid to have survived for almost 72 years in a very difficult world. I’m enjoying true freedom, are you? LOL
Boat on Sat, 2nd Apr 2016 8:58 pm
I live in the US. Life has always been good. Been in and golfed most of the states. Pushing 60 and work because I want to not because I have to. The stores are filled with affordable food from around the world. Whats not to like.
paulo1 on Sat, 2nd Apr 2016 9:07 pm
You’re right, Boat. However, I think I would have a plan B if I were you. Glad to hear life has been good for you. If you read US history you should understand that this good fortune has been a blip of circumstance from 1950, onwards. Life has been good for me as well, in Canada. I expect it to continue. But I do have a plan B and part of that plan is not insulting others or rising to their bait.
By the way, not everyone considers golfing worthwhile or aspires to do it. There is a reason why golf courses and golfing is a sunset industry and activity.
Apneaman on Sat, 2nd Apr 2016 9:44 pm
Boat, treat yourself to a big fat affordable chocolate bar.
TOXIC CHOCOLATE
http://www.asyousow.org/our-work/environmental-health/toxic-enforcement/lead-and-cadmium-in-food/
makati1 on Sat, 2nd Apr 2016 10:46 pm
I lived in the Us for 63 years and enjoys the blip of prosperity that existed for many of them. But, they are only a ghost of the 50s and 60s when the Us was truly great. It;s been all downhill sinece thne and hte cliff is approaching. Golf is a stupid waste of time and resources. Ditto auto racing, etc. Produce nothing abd waste much. All going to end soon. God thing that Indoctrinated Boat is 60. Her may live to see the 3rd world the Us is becoming. Wait until the government takes wjhat he has….lol.
makati1 on Sat, 2nd Apr 2016 10:47 pm
Too bad you cannot edit after posting. I hit the wrong key…lol.
theedrich on Sun, 3rd Apr 2016 2:18 am
Russia appears to be arming fast. It is a favorite trick of our masters to point out Russian brutality and torture of dissidents — without, however, mentioning the millions the State Department, the CIA, the Pentagon and the White House have murdered — murdered — all over MENA. (After all, spilling the beans might put a dent in Hotflash Clitory’s election chances.) And whereas the Washington whackos are aiming at controlling the entire world, the Russkies have only a single target in mind: us.
Moreover, subversion by parasite invasion is fast destroying the ability of the Yankee populace to respond to anything except the infantile jibberish concocted by the MSM. What a surprise it will be to wake up one day and find out that the “greatest country on earth” has died.
Anonymous on Sun, 3rd Apr 2016 4:11 am
Russia is keeping production high, because that hurts the empire every bit as much. Russia knows the game the americans are playing, and is much better prepared than they were in the 1980s when america did it the first time. The ‘sauds’ are going to regret doing washingdums’s bidding this time around.
Think the term, beating them at their own game comes to mind here.
Practicalmaina on Sun, 3rd Apr 2016 5:59 am
They must see fracking and undiversified Saudi on the ropes for the short term.
Golf courses are a massive waste of good land and water, just like Trump’s parents not starving him as a child.
shortonoil on Sun, 3rd Apr 2016 7:46 am
“What do people do when they are in desperate straits and need money? Sell everything, even their kids. There are NO rules today.”
An oil producer can always get more production out of a well by increasing the pressure, and injection rate. The problem is that it can permanently damage a well. With oil at $36 producers are desperate to produce cash; desperation can bring about desperate acts. Destroying their own fields to temporarily boast revenue is not out of the question. If they understand the basic theory, and we can assume that they do – it is likely that they will over pump their fields:
http://www.thehillsgroup.org/depletion2_022.htm
Why save oil for tomorrow when it will be worth even less than it is today? Why save oil for tomorrow when there isn’t going to be a tomorrow? It is unlikely that the Russians are the only ones pumping at full steam — in spite of the ramifications!
joe on Sun, 3rd Apr 2016 8:24 am
Oil consumption projections are slowly being dialled back.
https://www.google.ie/search?q=oil+consumption+projections&safe=strict&prmd=inv&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjFpaHhxPLLAhVCfhoKHeInCbsQ_AUIBygB&biw=962&bih=601#imgrc=skDa5uVfuj02xM%3A
The reality of renewables, the lagging effect of the population aging and the world moving into a post industrial paradigm will clearly show that countries who supply oil will not have to invest as much as they think. However we will have to run ever faster to stay still. This is the paradox of the bumpy plateau.
Our masters expect that the people of the developing world who are young, will simply enter the workforce to replace the worker who ages, or otherwise leaves the workforce, thats the mystery of immigration. A kid born in an American city who grows up to cut sugar, or clean?
Thats what Trump is promising, close the borders but you have to clean your own house!
The near future promises a revolution in ai yet most of us work in the services sector, the most vulnerable, demand for oil is poised to shrink.
Which is why oil exporters are pumping flat out. Its the same reason why OPEC quotas caused the worlds proven reserves to explode in the 70s then stay the same ever since. A new OPEC is about to emerge, without it, the cartels suffer. Even enemies can be friends to make money in this world.
Northwest Resident on Sun, 3rd Apr 2016 9:46 am
“Why save oil for tomorrow when there isn’t going to be a tomorrow?”
Exactly. For those “in the know”, which would include government, finance and industry key players (not to mention TPTB), it is all about squeezing every last drop out of TODAY because there isn’t going to be a tomorrow — not one like the tomorrow’s we’ve been accustomed to in this age of oil.
Governments and central banks are doing every thing they can possibly do to pull future consumption into the present, to keep BAU crawling forward for just another day. Corporations have for the most part given up on investing for the future and instead are spending their profits — and borrowing hundreds of billion$ — to buy back their own share in an effort to make TODAY all that it can possibly be.
On planet earth there will always be another tomorrow, of course. But what that tomorrow brings is what everybody is fretting about and trying to avoid for as long as possible.
rockman on Sun, 3rd Apr 2016 11:27 am
Yes…by all means. Keep burning those fossil fuels as fast as possible: the Rockman’s daughter is off to college in 2 years. Thank Dog for the single largest producers of GHG: the fossil fuel CONSUMERS! LOL.
Practicalmaina on Sun, 3rd Apr 2016 5:33 pm
Woo, major citys will learn quick, rich in Bejing, Mexico City ect will still want to rip around the city in a fancy cars namely Tesla, what was it 250000 orders today, it sucks the release date is so far off for the 3 but there are other more affordable options available now. Even at 45 bucks a barrel, what Goldman Sachs calls the low end of the breakeven point, the pay off time for an ev is a lot better than it was just 3 months ago.
Practicalmaina on Sun, 3rd Apr 2016 5:34 pm
I was implying smog days in those citys… wooops
makati1 on Sun, 3rd Apr 2016 8:47 pm
Practical, what energy is used to build Teslas? What energy is used to produce the electric to run them?
Answer: Hydrocarbons, mostly coal.
How is that any different than the old gas engine for pollution? After all, there is an energy loss when you use oil/coal/nat gas to produce electric. A large one. Electric is a waste and a techie dream.
BTW: 250,000 orders is 0.004% of the existing cars in the world. At that rate it would take 4,000 years to replace all of them. LOL
makati1 on Sun, 3rd Apr 2016 9:52 pm
“Tesla’s Electric Cars Aren’t as Green as You Might Think”
“We can’t look at mining as an over-there thing and at Tesla as an over-here thing. They’re intricately linked.”
http://www.wired.com/2016/03/teslas-electric-cars-might-not-green-think/
Techie dreams are founded on false info.
PRacticalMaina on Mon, 4th Apr 2016 2:54 pm
Well unfortunately I cant disagree with you on that one, but this is essentially the Cadillac of electric cars, and therefore not nearly as green as it could be. No one really needs an ev that does 0-60 in 4 seconds. A slightly less powerful car, slightly lower range and slightly smaller make a LARGE difference, battery tech is all that is lacking.
I would argue that a ICE is more polluting per mile when it comes to miles driven. The batterys do not have to be charged with fossil fuels, and when they are it is my personal belief that a high efficiency turbine, with transmition and charging loses, is still less polluting than a typical ICE, where you cannot recover braking energy and need to waste power idling, and you need a supply chain that involves refining crude.
A dc generating solar panel and dc battery powered transportation just belong together.