Russian crude production reaches new record
Russia produced 10.34 million barrels of crude oil every day in October. This post-Soviet record comes after cuts in the export duty.
The last record was set in September with 10.3 million barrels per day (bpd). Russia keeps lead as the world’s largest crude oil producer, ahead of Saudi Arabia, whose outcome was 9.4 million bpr last month.
October was the first month of a new taxation regime for the Russian oil industry, which cuts duties on oil and some refined products to stimulate output.
The private oil company TNK-BP contributed most to the crude production increase, with an output of 6.27 million tons.
Russia’s largest natural gas producer Gazprom sold 15 percent more gas in October than in September, but the result is still 9.2 percent lower than in October 2010, as buyers in Europe struggled to cope with high gas prices and had bought volumes in advance, The Moscow Times reports.
