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.

… 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