Russian oil production soars to highest in post-Soviet era

It rose from 11.21m bpd in August and topped the record high 11.247m bpd hit in October 2016

Russian oil output reached 11.36 million barrels per day (bpd) in September, a post-Soviet high helped by higher production from Rosneft and foreign-led projects, Energy Ministry data showed yesterday.

It rose from 11.21 million bpd in August and topped the record high 11.247 million bpd hit in October 2016 which served as Russia’s baseline for a deal curbing output alongside other producers which began in January 2017 aimed at stabilising the oil markets.

In tonnes, oil output slipped to 46.478 million from 47.41 million in August as September is a shorter month. Russian oil output surged as the Organisation of Petroleum Exporting Countries (Opec) and other large global oil producers led by Russia agreed in June to ease production curbs and stick to the initial levels of output, in line with a 2016 Vienna agreement.

Opec producers delivered only a limited increase in oil production last month, a Reuters survey has found, as a cut in Iranian shipments due to US sanctions offset higher output in Libya, Saudi Arabia and Angola.

Output increases have been facilitated by stronger oil prices as markets prepare for tighter supply once US sanctions against Iran kick in next month.