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Page added on November 2, 2015
Russian Oil Output Hits Post-Soviet High
Russian oil production, the world’s largest, hit a post-Soviet high in October, rising 0.4 percent month on month to 10.78 million barrels per day (bpd), Energy Ministry data showed on Monday.
Russia has been raising output despite low oil prices as the weak rouble has helped to offset oil companies’ reduced profits. The country is also trying to protect its market share from rivals such as Gulf nations, which have started supplying Moscow’s traditional markets.
Output reached 45.572 million tons versus 43.961 million in September, or 10.74 million bpd, which was at that time a post-Soviet high.
The data showed that Russian oil output under production-sharing agreements, designed in the 1990s to encourage investment by foreign oil firms, jumped 6.7 percent in October from September to 1.367 million tonnes (323,000 bpd).
The ministry gave no breakdown of the data for those projects, which include Sakhalin-1 developed by Rosneft, ExxonMobil, ONGC and Sodeco; Sakhalin-2 involving Gazprom, Shell, Mitsui and Mitsubishi; and Kharyaga with Total, Statoil and Zarubezhneft.
Sanctions do not affect those projects.
Saudi Arabia, the world’s top oil exporter, pumped on average 10.1 million bpd in October, a Reuters survey showed. OPEC nations meet next month to discuss production quotas.
8 Comments on "Russian Oil Output Hits Post-Soviet High"
Peak Oil Prognosticator on Mon, 2nd Nov 2015 4:18 pm
Not for long
Plantagenet on Mon, 2nd Nov 2015 5:13 pm
I thought Obama had placed sanctions on the Russians after their military adventures in Ukraine.
The sanctions can’t be having much of an effect if Russia is producing and selling record amounts of oil.
GregT on Mon, 2nd Nov 2015 5:18 pm
You ‘thought’, planter?
If that is indeed the case, it definitely isn’t one of your stronger skills.
rockman on Mon, 2nd Nov 2015 6:22 pm
OK…once again the “market share” BS. And they’re so dumb they do it with their own words. First they say that Russia has increased oil production to record levels. And then in the next breath they say: “…protect its market share from rivals such as Gulf nations, which have started supplying Moscow’s traditional markets.” So, prey tell, if Russia has lost market share who are selling all this extra oil they’ve started selling?
They can’t have it both ways: if Russia has lost some of their former buyers the must have found some buyers elsewhere. And then there’s also the big picture view: if the world has been producing a record volume of oil then obviously the market has to have grown. How can Russia or any other country loose market share when they are producing about as much as it had been (like the USA) or are producing even more. IOW how has any market share been lost when the market is buying more oil then ever before?
Davy on Mon, 2nd Nov 2015 6:28 pm
Have you Canadians had a chance to read this:
http://www.zerohedge.com/news/2015-11-02/forget-china-extremely-developed-country-just-suffered-its-biggest-money-outflow-ever
Davy on Mon, 2nd Nov 2015 6:35 pm
link is defective but this is front page at Zerohedge if interested. For all those that are curious this is not good for the U.S. With Canada being such a large trading partner. How long until the U.S. catches cold? China and now Canada that is a serious headwind for the U.S. Economy.
makati1 on Mon, 2nd Nov 2015 7:27 pm
As for Russia, they are considering re-instituting civil defense training.
“Russia’s authorities should revive the old Cold War practice of training civilians on how to respond in the event of a large-scale nuclear attack, a senior government official said on Friday.”
http://www.reuters.com/article/2015/10/30/us-russia-defence-usa-idUSKCN0SO2D420151030
Does this tell us where they think the world is headed? Duck & Cover! LOL
OFT on Thu, 5th Nov 2015 9:34 am
I think the Russian sanctions were aimed at the leading edge technologies – such as the collaboration between Exxon and Rosneft – drilling exploration targets in the Artic (Kara Sea).
http://www.thenational.scot/world/russia-stops-arctic-oil-field-development-as-sanctions-halt-exxon-partnership.4004
Traditional onshore production is relatively easier and benefits from tax breaks at the current low prices.