Bloomberg News

Russian Oil Output Climbed to Post-Soviet Record Last Month

March 02, 2012

Russia, the world’s largest oil producer, said output rose 1.3 percent in February from a year earlier, topping January’s post-Soviet record.

Output advanced to 10.36 million barrels a day from 10.22 million barrels a day a year earlier, according to preliminary data from the Energy Ministry’s CDU-TEK unit. Russia pumped 10.35 million barrels a day in January.

Prime Minister Vladimir Putin, the front-runner in presidential elections due March 4, has called for output of more than 10 million barrels a day for at least the next decade and lowered the tax rate on crude exports to spur production.

Liquids output at OAO Gazprom (GAZP) gained the most among crude producers, rising 3.7 percent from January to 320,000 barrels a day, the data show. Output from production-sharing agreements that include foreign companies Exxon Mobil Corp. (XOM), Royal Dutch Shell Plc (RDSA) and Total SA increased 3.1 percent.

Average daily production passed Putin’s target level in 2009 for the first time since the Soviet Union collapsed in 1991, and reached 10.35 million barrels a day in October last year. Soviet-era output peaked at 11.48 million barrels a day in 1987, according to BP Plc (BP/) data.

Russian natural-gas production, led by export monopoly Gazprom, rose to 2.08 billion cubic meters a day in February from 2.05 billion cubic meters a day a year earlier.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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