Posted on 01/02/2015 5:33:47 AM PST by thackney
Russia's 2014 oil output hit a post-Soviet record high average of 10.58 million barrels per day (bpd), rising by 0.7 percent helped by small non-state producers, Energy Ministry data showed on Friday.
Oil and gas condensate production in December hit 10.67 million bpd, also a record high since the collapse of the Soviet Union.
The data showed Russia's so-called small producers, mostly privately held, increased their output by 11 percent to just over 1 million barrels per day.
Crude oil exports via state monopoly Transneft fell 5 percent to 195.5 million tonnes due to rising domestic demand and refinery runs.
Exports to China reached a new high of 22.6 million tonnes (452,000 bpd), up 43 percent on the year as Russia seeks to diversify its energy customers.
Russian producers capitalized on rising oil prices in the first half of 2014, when they reached over $113 per barrel. However, they have halved since then.
(Excerpt) Read more at reuters.com ...
Oil Trades at 5 1/2-Year Low After Russia, Iraq Boost Supplies
http://www.bloomberg.com/news/2015-01-02/oil-trims-6th-weekly-decline-as-collapse-of-2014-seen-excessive.html
Oil fell to the lowest since mid-2009 amid growing supply from Russia and Iraq and signs of manufacturing weakness in Europe and China.
Interesting. So we see the laws of supply and demand in action, despite the MSM idiotic commentary on what it’s doing to employment in the industry.
Prices are falling, and everyone is boosting production to siphon off as much as they can ie selling more for less because they can’t sell less for more anymore!!! The consumer wins out in the end.
Hardly ever. This is global economic warfare and could very easily lead to a real war that the puppet masters lose all control over.
I would not be surprised if it does.
Yeah, that should help their financials. Heh. Thanks thackney.
They should raise production and contribute even more to lower costs of energy. This will help in the long run to put a permanent end to Putin’s vainglorious militarism and his reckless military adventures against his peaceful neighbors.
That is what they are doing. Their oil output has hit a high point for Russia.
I understood. But I think they can do even more to destroy their economy.
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