Russian oil output in 2016 sets record high

Russian oil output in 2016 sets record high

Russian oil and gas condensate production increased in 2016 by 2.5% and reached 547.499 tonnes, or 10.96 million bpd, up from 10.72 million in 2015. 

December stood unchanged at 11.21 million barrels per day (bpd), flat month on month and at its highest in almost 30 years, energy ministry data showed on Monday.

In tonnes, production rose to 47.402 million in December from 45.884 million in November.

According to preliminary data, which excludes some producing units at some firms, output month on month was slightly down at Rosneft, including Bashneft, and at Gazprom Neft. Lukoil, Tatneft and production-sharing agreements showed an increase, Reuters reports.

For 2017 as a whole, the Russian energy ministry forecasts oil production at 548-551 million tonnes, or 11.01-11.07 million bpd.

Natural gas production in Russia in December rose to 66.38 billion cubic meters (bcm), or 2.14 bcm a day, from 62.59 bcm in November.

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