Russia February Oil Output Near Post-Soviet Record, CDU-TEK Says

Russia, the world’s biggest oil producer, boosted crude and gas condensate production 1.1 percent in February from a year earlier to 10.46 million barrels a day, near the post-Soviet record.

Daily output rose 0.1 percent from January, according to preliminary data e-mailed today from the Energy Ministry’s CDU- TEK unit. The record of 10.49 million barrels a day was reached last November. Soviet-era output in Russia peaked at 11.48 million barrels a day in 1987.

Russian oil production is expected to be unchanged or increase slightly this year, Deputy Prime Minister Arkady Dvorkovich said Feb. 22. President Vladimir Putin has set a goal of keeping output at more than 10 million barrels a day.

Oil exports in February rose 1.7 percent from the previous month to 5.23 million barrels a day after storms and a pipeline leak in January delayed several cargoes from Novorossiysk. Exports declined 0.7 percent from a year earlier.

Natural gas output fell 0.4 percent last month from a year earlier to 2.06 billion cubic meters a day. OAO Gazprom, Russia’s gas export monopoly, cut production 3.2 percent to 1.53 billion cubic meters a day.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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