Russia Keeps Oil Production at Record High in November 2015

Source: Reuters 12/2/2015, Location: Asia

Russia continued extracting oil at a post-Soviet record high of 10.78 million barrels per day (bpd) in November despite low oil prices, Energy Ministry data showed.

The Organization of the Petroleum Exporting Countries (OPEC) is scheduled to hold a policy-setting meeting on Friday amid a market glut that has seen crude prices fall to around $45 per barrel from $115 in June 2014.

Non-member Russia has refused to send a delegation for usual consultations before the meeting as it is been sceptical about OPEC's willingness to cut oil output in order to bolster prices.

The statistics showed that Russia's record-high output level of 10.78 bpd, reached in October, was maintained in November helped by small producers Novatek and Bashneft.

Russian oil producers are drilling more, showing the world's top crude producer is ready for a longer fight for market share with OPEC as its industry can carry on even if oil prices reach $35 per barrel. A weaker rouble and lower costs have helped Russian producers.

In tonnes, November oil output was 44.115 million versus 45.572 million in October.

Russian pipeline oil exports fell to 4.318 million bpd from 4.465 million bpd in October.

Natural gas production was 60.8 billion cubic meters (bcm), or 2.03 bcm per day, versus 60.76 bcm in October.


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