Lukoil Helps Russian Oil Output Match Post-Soviet High

October 3, 2013

A recovery in Lukoil's crude production nudged up oil output in Russia, the world's largest producer, to 10.53 million barrels per day (bpd) in September to match the post-Soviet record high, Reuters reported on October 2, citing Energy Ministry data.

That was up from 10.52 million bpd in August and matched the previous record reached in June. In tonnes, Russia's crude production was 43.08 million last month. Output was above the 10.05 million bpd pumped last month by quota-bound Saudi Arabia which, unlike Russia, has spare capacity to increase its oil output significantly and which is still the world's No. 1 oil exporter.

The ministry data showed that Lukoil's oil production in Russia edged up by 0.5 percent in September, month-on-month, thanks to an improvement at its Komi and Perm units. Russia's fourth-largest oil company, Gazprom Neft, the oil arm of the world's top natural gas producer Gazprom , also contributed to the overall production rise in the country, with a 0.6 percent increase last month.

Natural gas production in Russia jumped by 15 percent to 1.77 billion cubic metres (bcm) a day in September on the back of healthy seasonal demand.

Copyright: Reuters, 2013.