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Goldman Sees Russian Oil Output Topping Soviet Record by 2018

  • Producers may add 590,000 barrels a day by end of period
  • Rosneft to lead growth with greenfields and deposit revivals

Russian oil output will exceed the former Soviet record set almost 30 years ago by the end of 2018 as low-cost fields allow producers to defy the slump in prices, according to Goldman Sachs Group Inc.

Production will climb by 590,000 barrels a day over the next three years to 11.65 million barrels a day, Goldman Sachs analysts wrote in research note dated Tuesday after visiting some of Russia’s major oil companies last week. That would exceed the Soviet record of 11.42 million barrels a day in 1987, according to BP Plc data.