Russia increased oil production in March

Noam Stiekema

The Russian oil production reached in March yet another highest level of post-Soviet period, providing and higher exports. The increase in exports has contributed to even greater saturation of the world market that keeps oil prices low and penalizes the Russian economy. The large producers organization of oil producing countries (OPEC), led by Saudi Arabia, […]

Oil production

Oil productionThe Russian oil production reached in March yet another highest level of post-Soviet period, providing and higher exports. The increase in exports has contributed to even greater saturation of the world market that keeps oil prices low and penalizes the Russian economy. The large producers organization of oil producing countries (OPEC), led by Saudi Arabia, decided to maintain its market share, said it would cut production in order to raise prices if and others – such as Russia. However, this does not seem to affect the intentions of Moscow and the oil race continues. Both Russian state energy giants Gazprom and Rosneft have pushed Russian oil production at a record high level of 10.71 million barrels per day, according to data released Thursday by the Ministry of Energy. This is above the December maximum of 10.67 million barrels per day.

Total in March the oil production (including gas condensate) increased by 1.3% to 45.275 million tons and exports rose by 2%.

In the first quarter, the crude oil production in Russia increased by 1.1% to 131.5 million tons, while exports rose by 7.3% to 59.5 million tons. This was announced by the central dispatch of fuel and energy complex. Processing of Russian oil refineries during the quarter decreased by 1% to 70.426 million tons, including 3.3% to 23.676 million tons in March. The export of Russian oil has increased in the first quarter by 7.3% to 59.5 million tons, and in March – by 7.5% to 20.4 million tons.

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