Russia Holds August Oil Output Near Post-Soviet High
Russia, the world’s biggest oil producer, maintained daily output last month at close to a post- Soviet record set in June.
Production rose 0.9 percent to 10.06 million barrels of crude a day in August from a year earlier, according to data from the Energy Ministry’s CDU-TEK statistics unit released today. That was down 0.8 percent from July.
Russia has held oil production above 10 million barrels a day for the past year after starting new fields. Output reached 10.15 million barrels a day in June.
Oil exports fell 2.8 percent in August from last year, and were down 4.3 percent from July at 5.29 million barrels a day, the unit said.
OAO Lukoil, the country’s second largest producer, reported a 2.4 percent drop in domestic output to 1.81 million barrels a day. The company is striving to compensate for declines in West Siberian producers with output in the Caspian Sea that started earlier this year.
OAO Rosneft, Russia’s largest oil producer, doubled output to 264,000 barrels a day at the Vankor field, the country’s largest new oil development. Rosneft produced 2.27 million barrels a day excluding its share of the Tomskneft venture with OAO Gazprom Neft.
TNK-BP, Russia’s third-largest producer, said output climbed 1.9 percent to 1.46 million barrels a day, excluding it’s half of subsidiary OAO Slavneft.
Russian gas production was little changed from the same month last year at 1.4 billion cubic meters a day, according to preliminary data. Gas output at OAO Gazprom, Russia’s gas export monopoly, fell 2.8 percent to 32.9 billion cubic meters from a year earlier. OAO Novatek’s gas production increased 7.4 percent to 2.8 billion cubic meters.
To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net
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