Support The Moscow Times!

Ministry Disputes Oil Data

Russia has been pumping hundreds of thousands of barrels of oil a day more than Saudi Arabia and is confident it can increase output year on year, Energy Ministry data showed, contradicting a report that the Arabian kingdom has become the world's biggest producer.

Data from an Energy Ministry presentation follow a report published over the weekend by the Joint Organizations Data Initiative, or JODI, a group set up by oil producers and consumers, showing a sharp drop in Russian output.

JODI data showed Russian production fell from 10.370 million barrels per day in December to 9.920 million in March, marginally less than Saudi Arabia's 9.923 million bpd that month.

But the Energy Ministry's data showed daily average output was steady at about 1.41 million tons, or about 10.33 million bpd in early 2012, up from 10.31 million bpd in December.

The ministry's outlook for 2012, based on those production figures, says the country is on track to meet its target of averaging 10.31 million bpd for the year, higher than any month of last year.

"It looks like an issue with JODI methodology," a Russian source said.

(Reuters)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more