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Page added on November 2, 2018

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Russian Oil Output Nears All-Time High

Production

Russian oil production moved closer to an all-time high before the nation meets with OPEC partners to discuss future supply.

The country’s crude and condensate output averaged 11.412 million barrels a day last month, according to data from the Energy Ministry’s CDU-TEK unit released Friday. That’s about 160,000 barrels a day more than two years ago, before Russia agreed to cut supply with OPEC. It’s a post-Soviet record, and not far off the highest-ever output.

The production boom comes amid mixed signals from global oil producers. Russia suggested last Saturday it could push output to a fresh record, just days after a committee representing the Organization of Petroleum Exporting Countries and its allies signaled the group could cap supply again in 2019.

Record Within Reach

Russian oil output is moving closer to the 11.416m barrel-a-day all-time high

Source: Energy Ministry’s CDU-TEK unit, Bloomberg

Note: Production includes crude oil and natural-gas condensate. Figures calculated from data provided in tons, using average 7.33 bbl/ton ratio.

Crude prices are down by more than 15 percent since hitting a four-year high last month. The market is beset by bearish forces: rising oil inventories; higher production from Russia, OPEC and the U.S.; there’s also great uncertainty about the impact of American sanctions on Iran’s exports and concerns over global demand.

Russia, which relies on energy for almost half its budget revenue, has repeatedly said that its plans for future output will depend on cooperation with OPEC. The cartel’s production in October climbed to the highest level since 2016 as increases by Saudi Arabia and Libya offset losses from Iran, according to a Bloomberg survey.

Soviet Highs

Russian oil output peaked during the Soviet era, averaging 11.416 million barrels a day in 1987, according to BP Plc data. No monthly numbers are available, and the figures account differently for some liquids derived from natural gas. This would make it hard to pinpoint when exactly the country may set a new historic peak.

Maintaining current production levels is also not a given, especially since volumes can dip in the freezing winter months, and during summer-season maintenance.

Ministers from the so-called OPEC+ group, which brings together Russia, Saudi Arabia and other oil-producing nations, will meet in Abu Dhabi next week, ahead of a key summit scheduled for early December in Vienna.

bloomberg



5 Comments on "Russian Oil Output Nears All-Time High"

  1. TIKIMAN on Fri, 2nd Nov 2018 11:47 am 

    We’re gonna need it when Mid-East oil starts to plummet after 2020.

    Thank god Trump will win in 2020 and keep our country strong and secure from illegal rapists that Liberals want as their voting base.

  2. Sissyfuss on Sat, 3rd Nov 2018 7:32 am 

    Using God and Trump in the same sentence makes one vulnerable to ridicule and lightning strikes.

  3. print baby print on Sat, 3rd Nov 2018 10:41 am 

    Tikiman no we won’t . According to peak oil deniers ME is a botomless pit of oil

  4. Chrome Mags on Sat, 3rd Nov 2018 10:53 pm 

    Wow, 11.412!

  5. Free Speech Forum on Sun, 4th Nov 2018 8:40 pm 

    Everyone has a price.

    Would you teach a North Korean spy English if you were paid $500 per hour?

    Would you teach a North Korean spy English if you thought he was from South Korea?

    Would you torture a Muslim if you thought he was a terrorist?

    Would you torture a Muslim if the US government paid you a $1000 per hour?

    Would you make a movie praising Communism if you were paid $1 million?

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