Russia Oil Production Jumps to a New Post-Soviet Record
- Current production is about 11.3 million barrels a day
- This exceeds post-Soviet record set in 2016 before OPEC pact
Photographer: Andrey Rudakov/Bloomberg
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Russia’s crude production has jumped to a new post-Soviet record, boosting the nation’s budget revenue as it prepares for talks with OPEC+ on further cooperation, according to a government official.
The country’s oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.