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2016-09-13 15:00:00

RUSSIAN OIL PRIDUCTION UP TO 2.2%

RUSSIAN OIL PRIDUCTION UP TO 2.2%

 

RUSSIAN OIL PRODUCTION PRICES 2006 - 2016

 

According to  REUTERSRussia's oil output, the world's largest, is seen rising 2.2 percent this year, above expectations, to reach almost a 30-year high of 546-547 million tonnes as companies ramp up drilling, two sources close to the Energy Ministry said on Monday. 

Russia has constantly exceeded forecasts for oil production which has been on a steady rise since 2009 when a slump in oil prices dragged down output. 

Since then, Russian companies have increased drilling by around 10 percent per year. 

"It (output) will be 546-547 million tonnes this year: companies are actively drilling and Lukoil is launching new fields," one source said. 

Another source confirmed the new expectations. 

Energy Minister Alexander Novak told Reuters in July that oil production was expected to reach 542-544 million tonnes this year (10.85-10.90 million barrels per day), up from about 534 million tonnes in 2015. 

The Energy Ministry did not respond to a request for immediate comment. 

Russia's oil production stood at 10.71 million barrels per day in August, down 1.3 percent from July volumes due to seasonal maintenance. 

Output has recovered since then and was close to 11 million barrels per day (bpd) in the period of September 1-7. 

Russia and Saudi Arabia, the leading global oil producers, earlier this month agreed to work towards a possible freeze in oil output volumes to support oil prices. 

Lukoil, Russia's No.2 oil producer, is to launch the Pyakyakhinskoye oilfield in the Northern Yamal region later this month and will produce 100,000 tonnes of oil this year. 

The company is also due to start production at the offshore Filanovskogo deposit in the Caspian Sea in September with a view to extracting up to one million tonnes of oil by the year-end.

-----

Earlier: 

СОТРУДНИЧЕСТВО РОССИИ И БАХРЕЙНА 

БЫСТРЕЕ СБАЛАНСИРОВАТЬ РЫНКИ 

SAUDI & RUSSIA COOPERATION 

РОССИЯ И САУДОВСКАЯ АРАВИЯ ДОГОВОРИЛИСЬ 

RUSSIA - SAUDI TALKS

 

 

Tags: RUSSIA, OIL, PRODUCTION

Chronicle:

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ADNOC'S 2030 STRATEGY

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TOSHIBA SELLS WESTINGHOUSE

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RUSSIAN OIL PRIDUCTION UP TO 2.2%
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OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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