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Russia’s oil production rises to nearly 30-year high in March

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/04/2016 (09:59)
According to media reports, Russia’s oil production rose 0.3% to 10.91 million barrels of oil per day (bpd) in March from February’s 10.88 million bpd, reaching the highest level seen in nearly 30 years. The increase in output was attributed to higher production from small producers whose output rose 1.5% to 1.16 million bpd in March. An 11.9% increase in output from joint ventures with foreign oil companies also helped boost the production.

Russia’s major oil producers’ output, meanwhile, declined as Rosneft cut production by 0.7% while Lukoil and Surgutneftegaz’s oil output fell 0.1%.

Analysts commented that Russia’s higher oil production before a scheduled meeting to discuss an output freeze on April 17 raised a question mark in their minds; however Russia’s Energy Minister Alexander Novak reportedly said that the March production would not be an obstacle to the expected agreement on a production freeze, according to local media sources.
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