Russian oil output hits all time high in October
Friday, 5 November 2010
MOSCOW, Nov 4 (Commodity Online): World's largest oil producer Russia's production hit an all time high in October, according to country's energy ministry.
October's oil output beat the all-time high of 10.16 million bpd in October, up by 4 per cent as new fields went on stream on Sakhalin Island.
Production has risen by more than 70 per cent from a low of 6 million bpd in 1999 after years of underinvestment following the collapse of the Soviet Union.
Growth has kept surprising on the upside over the past few years as state national champion Rosneft and other Russian and foreign companies have invested in new fields.
Russia's crude output in October again exceeded Saudi Arabia's, whose production was limited by OPEC-imposed quotas and was broadly steady last month at 8.3 million bpd.
October's oil output beat the all-time high of 10.16 million bpd in October, up by 4 per cent as new fields went on stream on Sakhalin Island.
Production has risen by more than 70 per cent from a low of 6 million bpd in 1999 after years of underinvestment following the collapse of the Soviet Union.
Growth has kept surprising on the upside over the past few years as state national champion Rosneft and other Russian and foreign companies have invested in new fields.
Russia's crude output in October again exceeded Saudi Arabia's, whose production was limited by OPEC-imposed quotas and was broadly steady last month at 8.3 million bpd.