Russian Oil Output in October Hits Post-Soviet High
MOSCOW, Nov 2 (Reuters) - 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.
(Reporting by Katya Golubkova; editing by Alexander Winning and Jason Neely)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Big Oil Reuses Platforms in Latest Cost-Cutting Trick (Nov 15)
- Tight Oil, Shale to Drive Majors' Output to New Highs (Oct 16)
- Shell, Equinor Commit to Tanzania LNG as They Await Host Accord (Oct 16)
Company: Total S.A. more info
- Saudi Aramco and Total JV to Hire SMBC to Advise on Funding (Jan 17)
- Deepwater Nigeria Field Starts Production (Jan 02)
- Total Spuds Well Offshore South Africa (Dec 27)
Company: Rosneft more info
- Ifax: ExxonMobil Sees Russian LNG Plant's Capacity At 6.2MM T/Year (Jun 07)
- Russia State Oil Firm Starts Drilling At New Well Offshore Vietnam (May 15)
- Rosneft Appeals to Market With $2 Billion Buyback, Debt Cut (May 01)
Company: Royal Dutch Shell plc more info
- Truce Reached over Canadian Shell Pipeline (Jan 10)
- Louisiana Petchems Unit Starts Up (Jan 07)
- Shell Extends Jackup Contract in Trinidad (Jan 02)