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Page added on May 2, 2015
Russian oil production remains at post-Soviet high
Russian oil and gas condensate production, among the world’s largest, remained at a post-Soviet record level of 10.71 million barrels per day in April, underpinned by a recent recovery in oil prices, Energy Ministry data showed on Saturday.
Global oil prices jumped 21 percent in April to over $66 a barrel due to slowing drilling activity and increasing political tensions in the Middle East, having collapsed from a peak of $115 per barrel in June last year.
The price slump has significantly hurt the Russian economy, which relies on oil and natural gas for around half the federal budget revenues. Russia’s GDP contracted by 3.4 percent in March year on year.
Russian production of oil and gas condensate, a type of ultra-light oil, stood at 43.830 million tonnes in April, the data showed.
A Russian Energy Ministry delegation will fly to Vienna next month to meet officials from the Organization of the Petroleum Exporting Countries.
So far Russia, which is not an OPEC member, has failed to persuade OPEC to cut oil output in order to prop up prices.
Last month, OPEC oil supply jumped to its highest in more than two years, boosted by record or near-record supplies from Iraq and Saudi Arabia.
Rosneft, Russia’s leading oil producer, cut its oil production by 0.1 percent in April to 3.81 million barrels per day.
Total Russian oil exports via pipeline monopoly Transneft edged up by 0.7 percent to 4.4 million barrels per day, or 18.021 million tonnes in April.
Russia is aiming to increase its crude oil exports in the coming years and the Energy Ministry expects exports to be 3 million tonnes higher this year.
Natural gas output was 52.64 billion cubic metres (bcm), or 1.75 bcm per day, down from 1.78 bcm per day in March. The Energy Ministry did not publish gas output data for Gazprom , the world’s top natural gas producer.
11 Comments on "Russian oil production remains at post-Soviet high"
joe on Sat, 2nd May 2015 10:07 am
Increasing and aging populous mixed with big budgets and nobody to buy rubles. It would seem that the wag the dog story of Russia is going to continue. Opec could split over this issue. It’s obvious there’s not enough for everyone, Iran Venezuela and other members want to cut too. Saudi could break, if they do then we could see a thirty year credit bubble and the total collapse of Coventional oil. There’s no reason why China and Africa can’t frak and supply Europe, certainly those petrodollars would have a future, just not humanity.
Nony on Sat, 2nd May 2015 10:17 am
What about Ron at POB saying Russians were in definite decline? Oh yeah…he was just repeating the Russians. Maybe be independent instead. And face your peaker mistakes!!!!
GregT on Sat, 2nd May 2015 12:49 pm
What about Ron saying the following:
But the Russian part of the above chart is what I wish to emphasize here. In 2014 Russia drilled 8,688 wells.
In 2009 Renaissance Capital oil and gas analyst Alex Burgansky said:
If you exclude all the drilling activity taking place every year, then Russian organic decline in production is close to 19%. To compensate for that organic decline, Russia drills somewhere between 5,000 and 6,000 wells every year.
5 to 6 thousand in 2009, 8 to 9 thousand in 2014. They are now drilling 3,000 more wells than they did five years ago and production has been flat for about a year and a half. Russia has their own version of the Red Queen.
http://peakoilbarrel.com/opec-tight-oil-and-russia/#more-7435
Or does your state of denial run so deep that you refuse to listen to common sense? Or are simply unable to think rationally?
Nony on Sat, 2nd May 2015 4:49 pm
Ron said they were in definite decline. They aren’t. He takes one data point to judge a trend downwards and needs 10 to judge it up. That’s bias. Of course it is still better than the total peakers here who won’t even respond to 10.
But Ron’s got a pattern. Like the latest where he comes off all hot and tells people the Three Forks could not have gotten its oil from the Bakken shale. The dude’s not a geologist and hasn’t even bothered googling. Just like when he messed up the Texas RRC delays. THere’s just a pattern with him.
GregT on Sat, 2nd May 2015 5:28 pm
The quote above is from Ron Patterson on April the 22nd 2015.
Here it is again in case you missed it the first time:
“They are now drilling 3,000 more wells than they did five years ago and production has been flat for about a year and a half. Russia has their own version of the Red Queen.”
GregT on Sat, 2nd May 2015 5:31 pm
What is it with you Nony? You are constantly attacking people that have much more knowledge and experience than yourself. You have no credentials in these matters what-so-ever.
Nony on Sat, 2nd May 2015 5:37 pm
and before that he said they were in decline.
GregT: facts are facts. Just like Rock confusing annual and monthly Marcellus growth rates and refusing to admit it.
GregT on Sat, 2nd May 2015 5:45 pm
Give it a rest already Nony. People make mistakes. That does not change the reality of the situation one iota.
Apneaman on Sat, 2nd May 2015 5:47 pm
Nony is the faux confident 15 year old teenage boy sitting in the back of the class with his coat on who has a snide contraian comment for everything and everyone.
Nony on Sat, 2nd May 2015 6:16 pm
I don’t care that he made a mistake. I care that he won’t admit it. And that he continued to repeat it until I started grinding him for it.
JuanP on Sun, 3rd May 2015 12:30 pm
“So far Russia, which is not an OPEC member, has failed to persuade OPEC to cut oil output in order to prop up prices.”
I fail to see how Russia could persuade OPEC of anything. I can understand their trying to do that, but they must be more aware than I am of how futile that is.