Tax cuts spurred Russian oil output to new record
Category: World Oil & Gas news | Posted on: 3-10-2011
Oil output in Russia, the world’s top crude producer, hit a new post-Soviet high of 10.3 million barrels per day (bpd) in September on the back of cuts in oil export duty, Energy Ministry said on Sunday.
Oil production increased from 10.28 million bpd in August and averaged at 10.24 million bpd year-to-date, almost in line with expected 1.1 percent growth from 2010, according to an analysts’ poll at the beginning of the year.
The country’s largest crude producer, Rosneft , led the overall rise with an increase in output of 3 percent to 2.32 million bpd thanks to continuous ramp-up at its new East Siberian Vankor oilfield.
Russia remained at the top of the world’s oil producers chart with the second place occupied by quota-bound Saudi Arabia, which has a capacity to produce a few million barrels per day more.
According to a Reuters survey, Saudi Arabia cut oil production to 9.85 million bpd last month from 9.9 million bpd in August.
Daily natural gas production increased 8.2 percent to 1.59 billion cubic metres (bcm) last month from 1.47 bcm in August, while gas output at Gazprom , the world’s largest gas producer, jumped by 10 percent to 1.17 bcm per day.
