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.

Read this next

Digital Assets

Silvergate dismisses speculation of trouble, says BlockFi exposure is minimal

Crypto-friendly bank Silvergate Capital claimed on a Tuesday blog post that it had minimal exposure to crypto lender BlockFi, which filed for chapter 11 bankruptcy protection this week.

Retail FX

Fidelity launches crypto trading for retail investors

Fidelity Investments, one of the largest brokerages in the world, has officially rolled out a commission-free crypto trading product for retail investors, starting with zero-fee trading for Bitcoin and Ethereum.

Digital Assets

ECB head calls for tougher crypto regulation after FTX collapse

President of the European Central Bank, Christine Lagarde, has called on lawmakers to start working on fresh crypto regulations to protect the financial system after the collapse of the FTX exchange.

Retail FX

CySEC updates rules for regulated brokers’ cross border activity

As CySEC’s attitude of adopting more stringent licensing guidelines and operating regulations becomes ever clearer, certain aspects of the rules and operations start to come into sharper focus.

Market News

Outlook for Gold: Can the Precious Metal Regain Power?

Gold set an all-time high at $2070 on March 08, 2022, when the price skyrocketed amid investors’ worries about the military conflict in Eastern Europe.

Crypto Insider

2022 Islamic Finance recap: as the space continues to evolve, blockchain stands to play a big part

Despite the global economy being ravaged by turmoil induced by the Covid-19 pandemic over the last couple of years, the Islamic finance industry has emerged relatively unscathed

Crypto Insider

Decentralized Exchanges and Pooled Trading Platform Applications

Decentralized exchanges are one-way blockchain companies take back the power of value creation.

Crypto Insider

How to maximize the safety of your digital tokens?

Digitalization is the future of the investment world. These are the most preferred and growing investments in the world.

Institutional FX, Interviews

FIA EXPO 2022: Interview with Trading Technologies

The derivatives trading industry has gathered in Chicago to attend the FIA EXPO 2022 on 14-15 November. 

<