Archive for June 2013

Russia Increases Oil Production   1 comment

Russia, the world’s largest oil producer, has increased monthly crude output by 0.3 percent in May of 2013, to the highest level of the year,according to preliminary data from the Energy Ministry’s CDU-TEK unit.

Output of crude and condensate was 44.3 million metric tons, or 10.481 million barrels a day.

OAO Gazprom (GAZP), Russia’s gas export monopoly, boosted output by 5.8 percent to 353,000 barrels a day. OAO Rosneft (ROSN), the world’s largest publicly traded oil producer, and its subsidiary OAO TNK-BP produced 3.85 million barrels last month, up 0.3 percent from April, according to the data.

Russia set a post-Soviet-era production record of 10.49 million barrels a day in November. Soviet-era production in Russia peaked in 1987 at 11.48 million barrels a day. President Vladimir Putin has called for production to be maintained at more than 10 million barrels.

For more information on the Russian oil industry, contact RADA LLC, a leading provider of due diligence services in Russia, the Caucasus, and Central Asia.