Russia Daily Oil Output Lowest in Three Months in March
Oil output in Russia, the world’s largest oil producer, fell to 10.2 million barrels a day in March, the lowest in three months, according to an e-mailed statement from the Energy Ministry’s CDU-TEK data unit.
While oil production dropped 0.2 percent compared with the previous month as all but two Russian oil producers kept daily production flat in March. Production was 0.7 percent more than in March 2010, the statement said.
OAO Lukoil, Russia’s second largest oil producer, dropped 0.2 percent, nearing February’s output of 1.74 million barrels a day and 5.1 percent lower than the same month in 2010. OAO Gazprom Neft, the oil unit of Russia’s state-controlled gas company, cut production 1.7 percent to 0.59 million barrels a day compared with both February and to March last year.
Prime Minister Vladimir Putin pledged Russian oil output would remain above 10 million for at least a decade after reaching a post-Soviet high of 10.27 million barrels a day in October. Russian Soviet-era crude output peaked at 11.48 million barrels a day in 1987, according to BP Plc data.
Crude exports advanced to 5.59 million barrels a day, 5.9 percent higher than February, according to CDU-TEK.
Natural-gas output declined to about 1.99 billion cubic meters a day in March, 2.5 percent lower the previous month, according to CDU-TEK’s preliminary data for March
To contact the reporter on this story: Marina Sysoyeva in Moscow at msysoyeva@bloomberg.net
To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net
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