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Page added on July 14, 2015
Russian Oil Production Hits Post-Soviet Record
Russian oil and condensate production reached a new post-soviet record of 10.7 million barrels a day in 2015, according to the latest analysis from Wood Mackenzie.
The research firm claims that condensate production will increase by 50 percent by 2018, compared to 2014 levels, although Wood Mackenzie warns that Russia could face a sizeable production gap after 2020, when the impact of Western sanctions kick in.
Mr Christian Boermel, Russia upstream analyst for Wood Mackenzie, commented:
“We see Russia defying expectations in terms of 2015 liquid production levels achieving a new post-soviet record of 10.7 million barrels per day. The steady increase seen in the first half of this year is contrary to many pessimistic predictions, due to the turbulent geopolitical situation for the country as a result of the Ukraine crisis and subsequent Western sanctions. We see actual growth in liquids being driven by condensate, but given the unfavourable macro-economic situation with a volatile Rouble and depressed oil price, there is significant uncertainty for Russian production in the longer-term, post 2020.”
Mr Michael Moynihan, senior Russia upstream analyst for Wood Mackenzie stated:
“Despite West Siberia’s production peaking in the 1980s, the region remains core and is expected to contribute 60 percent of Russia’s liquids production this year. Russian operators are looking at deeper and more complex reservoirs such as the Tyumen and Achimov, these areas are widely regarded as ‘hard-to-recover’ but are still far easier to develop than unconventional shale plays such as the gargantuan Bazhenov expanse. Currently the Tyumen and Achimov areas each contribute between 6-7 percent of West Siberian (4 percent of Russia’s overall) production and we expect this could more than double by 2020.”
9 Comments on "Russian Oil Production Hits Post-Soviet Record"
Plantagenet on Tue, 14th Jul 2015 11:56 am
With KSA, Russia and the USA all producing oil at or near record levels, its no surprise that the world is still in an oil glut.
Cheers!
BC on Tue, 14th Jul 2015 1:10 pm
“With KSA, Russia and the USA all producing oil at or near record levels, its [sic] no surprise that the world is still in an oil glut.”
Yes! A “glut” that will result in $20-$30 oil and unprecedented peace and prosperity for years to come.
I have my eye on a $285,000 Range Rover SUV with my share of the “glut”. I am so there.
Plant, with all of the prosperity ahead, how about taking time out from running in place, stopping, eating something, and packing on some meat and fat on those bones, eh, brother?
Plantagenet on Tue, 14th Jul 2015 1:30 pm
BC
I hope you are right with your dreams of $20-30 oil and “unprecedented peace and prosperity”.
However, I think you’re being too optimistic. We may be in an oil glut now, but chances are it will end by late 2015 or 2016.
CHEERS!
BC on Tue, 14th Jul 2015 2:05 pm
http://www.economywatch.com/features/Could-the-Rise-of-the-BRICS-Countries-Promote-Global-Capitalism.07-14-15.html
http://blog-imfdirect.imf.org/2014/05/19/the-new-frontier-economies-on-the-rise/
But, Plant, the BRICs and “frontier” economies are going to rise further and drive global prosperity, peace, and freedom hereafter. They love our freedom!
Africa is the next great boom story.
Demographics is destiny, and there’s a lot of destiny in sub-Saharan Africa. The growth potential for Pepsi, Coke, Bud McD’s, Chipotle, Frito-Lay, Yum, Krispy Kreme, Dominos, Nestle, Apple, Starbucks, Northrup, Lockheed, Boeing, Merck, Pfizer, Exxon, Chevron, JP Morgan, Goldman, Morgan Stanley, GE, ADM, Monsanto, Cargill, Dow, etc., is HUGE!
Don’t be left behind!
BobInget on Tue, 14th Jul 2015 5:06 pm
With drillin suspended till $100 oil returns:
HOUSTON, July 13
07/13/2015
By OGJ editors
Crude oil production in August from seven major US shale plays is expected to decline 91,000 b/d to 5.36 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). EIA last month also projected a 91,000-b/d decline for July (OGJ Online, June 9, 2015).
The DPR focuses on the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica, which altogether accounted for 95% of US oil production increases and all US natural gas production increases during 2011-13.
The monthly drop will again be led by the Eagle Ford, where output is expected to fall 55,000 b/d in August to 1.54 million b/d. Production from the Niobrara is expected to fall 20,000 b/d to 395,000 b/d.
35% annual decline of 5,451,000 is 1,907,850 bbl. p/d to replace.
Just wait till oil traders wake up to shortages.
I couldn’t believe dummies selling this morning because of a nuclear agreement that can’t have any effect till Christmas.
Deny Canadian imports because of fires.
Venezuelan imports cause of Chinese loans.
Saudi Imports cause of religious intolerance.
Russian imports cause of sanctions.
Maybe most virgin olive oil from Greece?
Perhaps the board can be gluten free for a change?
Plantagenet on Tue, 14th Jul 2015 6:27 pm
@BC
I appreciate you sharing your clever investment ideas. However, I’m out of the market now.
Good luck to you with your investments.
Cheers!
apneaman on Tue, 14th Jul 2015 6:33 pm
Drill baby drill and burn baby burn
The Hothouse Yet Worsens — Japan Meteorological Agency Shows June of 2015 Was Warmest on Record
“The global June temperature measures are starting to come in and indications are that the past month was a brutally hot beast.
According to Japan’s Meteorological Agency, June beat previous all-time hot temperatures of 0.68 C above the 20th Century average set just last year (2014) by 0.08 C. Coming in at 0.76 C above the global 20th Century average and about 0.96 C above 1880s values, this past June was the hottest since Japan began taking measures in 1891. By comparison, El Nino years 2010 and 1998 came in as tied for third hottest at 0.51 C above 20th Century average levels respectively.”
https://robertscribbler.wordpress.com/2015/07/14/the-hothouse-yet-worsens-japan-meteorological-agency-shows-june-of-2015-tops-out-a-century-of-heating/
keith on Tue, 14th Jul 2015 8:26 pm
Here’s something.
http://www.digitaljournal.com/science/decreasing-solar-activity-will-lead-to-mini-ice-age-by-2030/article/438158
apneaman on Tue, 14th Jul 2015 8:50 pm
Something else for the retarded apes to cling to.
Media Failure: How Bad Journalism Created the “Mini Ice Age”
https://medium.com/@awurevig/media-failure-bad-journalism-behind-the-mini-ice-age-651cd5af9df8
News about an imminent ‘mini ice age’ is trending — but it’s not true
http://www.washingtonpost.com/news/morning-mix/wp/2015/07/14/news-about-an-imminent-mini-ice-age-is-trending-but-its-not-true/
Media Reports The World Will Enter A ‘Mini Ice Age’ In The 2030s. The Reverse Is True.
http://thinkprogress.org/climate/2015/07/13/3679662/global-warming-speed-up-not-ice-age/