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Russia’s oil output hits record

Russia’s oil output hits record

MOSCOW: Russia in January pumped a record amount of crude oil, the Russian energy ministry said on Tuesday, as Moscow pushes for oil-producing states to coordinate production.

Russian oil companies produced 46 million tonnes of crude oil and condensate last month, the equivalent of 18.88m barrels a day, the ministry told local news agencies.

These figures represent a post-Soviet record and a 1.5-per cent increase year-on-year.

Russia has kept increasing its oil production in recent months, battling with other producers to preserve its share of the market as oil prices struck near 12-year lows.

Low oil prices have weighed heavily on Russia’s economy, which is heavily dependent on energy export revenue. GDP shrank by 3.7pc in 2015 and is set to continue falling this year.

Courtesy : Dawn News



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