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Russian oil output reaches record high 11.16 mln bpd in 2018

International Business
Wed, 02 Jan 2019

Moscow: Russian oil production rose to a post-Soviet record high of 11.16 million barrels per day (bpd) in 2018, exceeding for the first time the 11 million bpd annual average mark, data from its energy ministry showed on Wednesday.

The mark surpassed the previous annual record average of 10.98 million bpd set in 2017.

Russian oil output reached 555.838 million tonnes last year, against 547 million tonnes in 2017. Reuters uses a barrel to tonnes ratio of 7.33 to 1.

Russian Energy Minister Alexander Novak has said that the country's oil production in 2019 may decline to 552 million tonnes due to a global deal.

The Organisation of the Petroleum Exporting Countries (OPEC) and other large oil producers including Russia agreed in December to cut their combined crude output by 1.2 million bpd from January to halt a decline in oil prices.

Russia undertook as part of the deal to reduce its production by 230,000 bpd from 11.41 million bpd touched in October.

Oil prices reached their lowest in 1-1/2 years last week and fell more than 20 per cent in 2018, depressed in part by rising supplies, mainly in the United States.

Novak has said oil prices would become more stable in the first half of 2019.

The United States became the world's biggest crude producer in 2018, pumping 11.6 million bpd, more than Saudi Arabia or Russia. Oil production has been at or near record highs in all three countries.