Support The Moscow Times!

Oil Output Hits New High

Increased production at Rosneft and foreign-led projects sent overall Russian oil output, the world's largest, to a new post-Soviet record-high of 10.61 million barrels per day, or bpd, in November, Energy Ministry data showed on Monday.

In tons, crude production was 43.44 million. In October, Russia's oil production stood at 10.59 million bpd.

November's production was more than the 9.7 million bpd pumped by the world's top oil exporter, Saudi Arabia, when combined crude output at the Organization of the Petroleum Exporting Countries dropped to its lowest since May 2011.

The data showed that the world's top listed oil producer Rosneft increased oil production by 0.5 percent to 3.89 million bpd.

Oil output under production sharing agreements, or PSAs, designed in the 1990s to encourage investment by foreign oil companies, jumped by 11 percent in November to almost 1.3 million tons, or 317,000 bpd.

Natural gas production declined by 4 percent to 1.93 billion cubic meters, or bcm, a day in November, the data showed.

Gazprom's output fell by 8 percent to 1.37 bcm per day, while gas production at Novatek, Russia's top nonstate gas company, stayed broadly flat, at almost 0.15 bcm per day.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.