Energy
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Russia Oil Output Up

Russia Oil Output Up Russia Oil Output Up

Russia's oil output edged up in July to 10.85 million barrels per day thanks to increases at some of the country's biggest producers, Energy Ministry data showed on Tuesday. Russia, the world's leading oil producer and second-biggest oil exporter after Saudi Arabia, pumped an average of 10.84 million bpd in June. In July, oil output reached 45.894 million tons, Reuters reported. Oil production by Saudi Arabia came to 10.50 million bpd last month, according to a Reuters survey. The data showed increases in production at state oil producer Rosneft, Russia's biggest, and from close peers Surgutneftegas and Gazprom Neft, among others. Daily gas production reached 1.433 billion cubic meters, up almost 2% from June, the data showed. Russia plans to produce 10.85-10.89 million bpd and roughly the same volumes next year, Energy Minister Alexander Novak told Reuters last month. Three export terminals on Russia’s Arctic coast shipped an average of 230,000 barrels of crude per day in the second quarter of 2016.

 

Financialtribune.com