№11 November 2011Table of contents Issue Archive
Russian oil production slipped 0.1 percent in November from October’s post-Soviet record, failing to climb for the first time in five months.
Output in the world’s largest crude-producing nation fell to 10.34 million barrels a day last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That is a 1 percent increase from November last year.
Prime Minister Vladimir Putin, who may return as president in the March election, has called for oil output, Russia’s largest source of tax income, to remain above 10 million barrels for at least the next decade. Putin lowered the tax rate on crude exports on Oct. 1 to spur investment. Production reached 10.35 million barrels a day that month. That is the highest since Soviet-era output peaked at 11.48 million barrels a day in 1987, according to BP Plc data.
Exports rose to 5.57 million barrels a day in November, an increase of 5.1 percent from the previous month and 4.3 percent from a year earlier. Copyright 2011 Bloomberg All rights reserved