ShippingWatch

Russian oil output at Soviet-era levels

Despite calls from several OPEC countries to for a halt in the oil price war, in November Russia's oil output climbed to levels which have not been seen since 1990.

Photo: Gazprom

Political observers have long suggested that an increasingly self-confident Russia is acting more and more like its former Soviet incarnation. The statement certainly applies to the country’s oil output, with new figures from November showing that oil production reached 10.78 million tons per day in October. This is the highest level since the Soviet Union's collapse in 1991.

The low ruble combined with lower production costs put Russia in a position to increase production, despite the low oil price, to around USD 45 per ton. This trend is increasing the pressure on Russia's "peers" in OPEC. The relationship between the oil group and the largest oil producer outside the organization is further strained by the fact that Russia refused to send its usual observer delegation to the OPEC meeting Friday.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Further reading

Related articles

Latest news

See all jobs