logo

FX.co ★ Russia ramps up oil production ahead of record supply cut

Russia ramps up oil production ahead of record supply cut

Russia ramps up oil production ahead of record supply cut

According to the information agency of the Russian Ministry of Energy, Russia broke output records last year, pumping 547.499 million tons of oil. Thus, the production increased by 2.5% from 2015. In the month of December 2016 the oil output surged by 3.5% in annual terms to 47.402 million tons, while the volume of production per day was above 11 million barrels.

That is a total result. Individually, Rosneft scored the most points with the output volume of 189.707 million tons. Lukoil came the second, pumping 82.999 million tons last year. Surgutneftegas made the top three with the production volume of 61.849 million tons. These companies are followed by Gazprom Neft (37.761 million tons), Tatneft (28.686 million tons), Slavneft (15.001 million tons), Bashneft (21.380 million tons), and Russneft (7 million tons). Despite the fact that Rosneft purchased a controlling stake in Bashneft, their results were recorded separately. OPEC and non-OPEC countries stroke a deal to curb oil supply, so Russia is going to cut the output by 300K barrels per day in the first half of 2017. The Russian energy ministry said the production would be cut gradually, as weather conditions and technological environment influence this process. However, experts believe that the output is likely to grow in the second half of 2017.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account