Premier-eFinance: Russia churned out 10.26 million barrels of oil in July 2011, matching record.

The world’s largest oil producer, in July, matched a post Soviet Union record set in October 2010.
 
 
Spread the Word
Listed Under

Tags:
Commodities
Trading
Stock Markets
Gold
Silver
Copper
Crude Oil
Investment
Wealth Management

Industrys:
Business
Deals
Finance

Location:
Hong Kong

Aug. 23, 2011 - PRLog -- The world’s biggest oil producer in July turned out 10.26 million, matching a post-Soviet record set in October last year.

The country’s biggest oil company Rosneft’s production reached a record 2.4 million b/d in July, with an increase in output at the Vankor field helping boost its growth rate to 1.5% to 2%, Premier-eFinance sources report.

However, country's natural gas output dropped slightly to 48.4 billion cm from 50.67 billion cm in June.

Analysts believe the drop in natural gas production is probably seasonal and are watching to see whether export customers who buy from monopoly gas exporter Gazprom will reduce off take in the second half of the year, when the price they pay under oil-linked long-term contracts is set to increase dramatically.

Analysts also felt that Russia is emerging as a swing supplier for Europe and the Far East because of the emergence of spare export capacity east and west and allowed it to take advantage of OPEC production

By 2015, Russia's oil pipeline network would have 113 million tonnes a year (2.27 million bpd) of spare export capacity, analysts informed Premier-eFinance.

Russia’s oil output  was boosted this year to new post-soviet record after the country brought the East Siberian fields online, allowing it to keep the title of top producer ahead of Saudi Arabia, which is bound by OPEC output quotas.

'The first main reason for the growth is the continuing ramp up in production from greenfield projects in Russia, particularly in East Siberia. The second reason is better than expected performance from mature brownfields in Russia,' said Nick Gellatly, an analyst with Wood Mackenzie consultancy told Premier-eFinance earlier this year. The higher-than-expected production at mature deposits was down to the adoption of better drilling techniques and a general modernization in operations at some fields, he added.

# # #

Premier eFinance is a full service commodity trading advisory offering services to traders ranging from the beginner, with no experience in the markets at all, to the advanced trader who is just looking for an avenue to place fast efficient orders.
End
Premier eFinance PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share