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Russian Oil Production Hit An All-time High In 2018

Moscow (Reuters) - Russia's oil production hit a post-soviet record last year, hitting 11.16 million barrels per day (BPD), data from the energy ministry showed on Wednesday.

 

The total exceeded the historical average of 10.98 million BPD set in 2017.

Russian oil production reached 555.8 million tons last year, compared with 547 million tons in 2017. The barrel to ton ratio used by Reuters was 7.33 to 1.

Last month, all of Russia's oil majors increased production on an annual basis.

Rosneft, the world's largest oil producer by output, increased 4.6 per cent in December from a year earlier, while lukoil and surgut increased their output by 2.5 per cent.

Production at Russia's tatar oil company surged 9.3% from a year earlier.

Russian pipeline exports rose to 4.49 million barrels in December from 4.29 million barrels in November.

Russian energy minister Alexander novak said last month that Russia's oil production could fall to 552 million tons in 2019 after the country signed a global production cut agreement.


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