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Current location:HOME>> News>> Industry News>> Russia maintains its enormous oil production
Russia maintains its enormous oil production
AUTHOR:admin PUBLISHED:2016-07-07 CLICK:正在读取

The Russian energy ministry official data showed on July 5, Russian oil export will create a new record in 2016, Because of increasing European market competition after the return of the Iran oil city.

Detailed data showed that in the first half of 2016, Russian crude oil exports rose 4.9% to 5.55 million barrels/day, crude oil output in June rose 1.14% to 10.843 million barrels/day comparing to same period last year.

Christopher Haines, the oil & gas industry research director of BMI said: “if the Russian crude oil production remained stable this year, export volume is expected to create a record new high, which would significantly increase the competition of market, especially Iran also increased the export to the southern Europe after lifting of sanctions.”

As the world's largest energy exporter, Russia ever expressed they will continue to increase production after the OPEC didn’t achieve the frozen agreement in April this year, mainly due to Iran unwilling to cooperate to limit its production. Currently the European market competition is becoming more and more fierce.

Russian energy minister Alexander Novak had forecasted recently the country's crude oil exports will reach 252 million tons in 2016, averagely about 5.05 million barrels/day, and the First deputy minister of energy department ever forecasted in April the Russian energy export will reach to 255 million tons this year. The highest record before of Russian oil exports is 2.539 million tons in 2007.

Tax subsidies is another important reason to stimulate the increase of oil production of Russia, the country's fuel production is gradually declining this year, in January it reached 6.1 million tons while declined to 4.29 million tons in May.

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