Thursday 11 July 2013

Russia’s daily oil production hits 25-year high | Russia Beyond The Headlines

"In June, Russia’s daily oil production reached 10.53 million barrels, according to Central Dispatching Department of Fuel Energy Complex (CDU TEK) data. The only time Russia has produced more oil was in 1988, when the average daily production in the Russian Soviet Federative Socialist Republic reached 11.07 million barrels.
Oil production has been falling since, hitting an all-time low of 6.06 million barrels per day in 1996. Last year, daily oil production averaged 10.37 million barrels.
There are two reasons for the new record, says Andrei Gromadin, oil and gas analyst at JPMorgan. The first is the increase in oil production at the Vankor Oil and Gas Field developed by Rosneft, where last year’s output totaled 18.3 million tons. In 2013, Rosneft expects the Vankor Field to reach its peak capacity of 25 million tons."

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