Friday 3 January 2014

Russia’s oil output hits post-Soviet high

Russia produced the highest amount of oil last year since its Soviet days according to new statistics released by its energy ministry yesterday.

Oil output rose to 10.51 million barrels per day (bpd) in 2013, an increase of nearly 1.4% from 2012.

The figures suggest Russia may yet keeps its place as the world’s largest oil producer. In Autumn last year it looked as though the United States might elbow its way to the top spot.

The nation’s monthly oil production in December also hit a post-Soviet high, averaging 10.63 million bpd, reported Reuters.

Last month oil production began at state energy firm Gazprom’s rig in the Arctic, after a previous disruption when Greenpeace activists boarded the rig. The first oil shipment from the Prirazlomnoye field is expected in early 2014.