Russian production reaches record high

Russian production reaches record high

Russia’s oil production hit a post-Soviet record high of 11.6 million barrels per day in 2018, according to data from the country’s energy ministry.

Last year’s output exceeded the previous annual record average of 10.98 million bpd, which was set in 2017, and comes after all Russian majors saw an increase in yearly production.

State-owned Rosneft, the world’s biggest listed oil producer, increased output by 4.6% year-on-year in December, while Lukoil and Surgutneftegaz both increased production by 2.5%.

However, Russian Energy Minister Alexander Novak said 2019 could see a decline in production after Russia signed a global deal to curb output with OPEC, which will result in a combined cut of 1.2 million bpd from January, as the bloc attempts to reverse the decline in oil prices.

As part of the deal, Russia has agreed to cut production by 230,000 bpd from 11.41 million bpd it achieved in October.

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