Russia oil output hits post-Soviet high

Reuters reports: 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. [Continue reading..]

Reuters adds: Iraq’s oil exports hit a record high average of 2.940 million barrels per day (bpd) in December, their highest level since 1980, an oil ministry spokesman said on Friday.

Oil officials said exports from the country’s southern terminals hit a record high 2.760 million bpd.

The ministry spokesman said the average selling price in December was $57 per barrel with revenues reaching $5.247 billion. Revenues for the full year were $84.215 billion, he said.

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