Russia increases oil production by 4%

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Russian crude oil production rose to 11.11 barrels per day in September which is 4 percent higher than it was recorded in August, the country’s Energy Ministry reports. UBS analysts, as quoted by Reuters, suppose that next year Russia will keep increasing its oil production.

The Russian industry giants Rosneft and Gazprom Neft contributed to the increase most of all. According to the information from the Ministry, Rosneft showed a 2.6-percent increase last month while Gazprom Neft’s result was even better with a 5.2-percent rise. The oil production was increased not only thanks to conventional oil fields but also due to know-how about shale oil and gas extraction used in the industry.

Las week chairman of the Sakhalin regional government Vera Shcherbina said that oil crude and condensate at the Russian Far Eastern region is expected to rise by eight per cent by the end of this year. But further growth in the coming years is more likely to slow down. Regional authorities suppose that annual production in 2016 will reach 18.1 million mt, which is equal to 362,500 barrels per day.