2014: RUSSIA OIL 10.58 MLN BPD
Russia's 2014 oil output hit a post-Soviet record high average of 10.58 million barrels per day (bpd), rising by 0.7 percent helped by small non-state producers, Energy Ministry data showed on Friday.
Oil and gas condensate production in December hit 10.67 million bpd, also a record high since the collapse of the Soviet Union.
The data showed Russia's so-called small producers, mostly privately held, increased their output by 11 percent to just over 1 million barrels per day.
Crude oil exports via state monopoly Transneft fell 5 percent to 195.5 million tonnes due to rising domestic demand and refinery runs.
Exports to China reached a new high of 22.6 million tonnes (452,000 bpd), up 43 percent on the year as Russia seeks to diversify its energy customers.
Russian producers capitalized on rising oil prices in the first half of 2014, when they reached over $113 per barrel. However, they have halved since then.
Hurt by falling oil prices and Western sanctions prompted by Moscow's role in Ukraine, growth in oil output in 2014 slowed from a gain of 1.4 percent in 2013.
Top listed oil company Rosneft, which produces more oil than OPEC members Iraq or Iran, saw its output slip 0.7 percent as it struggled to arrest declining production at its West Siberian fields.
Oil and gas fund about half of Russia's budget.
The country's economy is slipping into recession following a fall in oil prices and could see oil output decline to 525 million tonnes in 2015, according to an Energy Ministry forecast.
The International Energy Agency (IEA) expects Russian oil output to fall by 1 percent.
The country's natural gas production in 2014 fell by 4 percent to 640.237 billion cubic meters (bcm).
Top producer Gazprom (GAZP.MM) posted an output fall of 9 percent to an all-time low of 432 bcm due to its pricing dispute with Ukraine, once its second-largest customer after Germany.
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REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.
Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.
WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.
U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.