Russian Oil Output Hits Post-Soviet Record

by
Reuters
Russia's oil output, the world's largest, edged up almost 1 percent in 2012 to a new post-Soviet average yearly high of 10.37 million barrels per day (bpd), thanks to a ramp-up in production at Rosneft, Energy Ministry data showed on Wednesday.

Russia's oil output, the world's largest, edged up almost 1 percent in 2012 to a new post-Soviet average yearly high of 10.37 million barrels per day (bpd), thanks to a ramp-up in production at Rosneft, Energy Ministry data showed on Wednesday.

* In 2011, Russia's oil output reached a yearly post-Soviet record high of 10.27 million bpd thanks to production at Rosneft's new Vankor oilfield.

* According to the International Energy Agency, the industrialised nations' energy watchdog, Russia's oil production peaked at 11.41 million bpd in 1988, when it was part of the former Soviet Union. Russia accounted for 90 percent of total Soviet oil output. In the early 1990s, marketing of Russian oil was concentrated in the hands of the former Soviet state marketing organisation Soyuznefteexport, later renamed Nafta Moskva.

* In the final days of the Soviet Union, Russia's oil output fell to 10.4 mbpd in 1991, down 9.5 percent from 1990 and down 17.7 percent from the 1988 peak. Many analysts say the slump in oil production and prices were the main reasons for the fall of the 70-year-old Communist empire.

* In 1996, when Boris Yeltsin was re-elected as Russia's president, oil production declined, starting a three-year period of stagnation amid underinvestment and slowing demand.

* Russian oil output fell by about 1 percent in 2008 from the previous year to around 9.8 mbpd, the first decline in a decade as crude prices collapsed by the end of that year as a consequence of a worldwide economic downturn.

The decline in production, which started in May 2008, was reversed in March 2009.

* Russian oil output grew by around 1.5 percent in 2009 to the then post-Soviet high of an average of 9.925 mbpd for the year and exceeded monthly 10 mbpd level for the first time since the collapse of the Soviet Union in September.

Russia in 2010 overtook Saudi Arabia, which restrains its output when it deems it necessary, as the world's largest producer as new fields were launched, including Vankor, Uvat and Talakan.