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Russia’s April Oil Output Near Post-Soviet Record, Ministry Says

Russia, the world’s biggest oil producer, boosted crude and condensate production 1.5 percent in April from a year earlier to 10.47 million barrels a day, close to a post-Soviet era record.

Daily output grew 0.2 percent from March, according to preliminary data sent by e-mail today from the Energy Ministry’s CDU-TEK unit. The record of 10.49 million barrels was reached in November. Soviet-era production in Russia peaked at 11.48 million barrels a day in 1987.

Russian supply will be stable or increase slightly this year, Vagit Alekperov, the chief executive officer of the nation’s second-biggest producer OAO Lukoil, said April 30 in St. Petersburg. President Vladimir Putin has called for output to be maintained at more than 10 million barrels a day.

Exports in April rose 6.4 percent from the previous month to 5.58 million barrels a day as seasonal refining maintenance peaked. Shipments were up 1.1 percent from a year earlier.

Natural gas output advanced 0.3 percent last month from a year earlier to 1.86 billion cubic meters a day, the data show. Gazprom, Russia’s gas export monopoly, cut production 3.7 percent to 1.33 billion cubic meters a day.

OAO Rosneft, the world’s largest publicly traded oil producer by volume, produced over 4 million barrels of crude and condensate in Russia last month, including from its TNK-BP assets. The state-controlled company purchased TNK-BP for $55 billion in March.

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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