Untitled Document
Untitled Document

Russia remains as top oil producer in 2013

Russia remained the largest global oil producer in 2013, increasing production 1.4% from 2012 to reach a post-Soviet Union high of 10.51 million barrels per day, Reuters reported. December oil production in Russia also hit a post-Soviet high with an average of 10.63 million bpd. Russia continues to prioritize oil output and it shows in its budget revenues with oil and gas representing more than half under President Vladimir Putin.

"Enough investment is being made to slow declines in West Siberia and increase production in East Siberia in order to make for small net production increases," analysts from the International Energy Agency (IEA) told Reuters.

The IEA predicts oil production in Russia will stay at around 10.5 million bpd until the end of the decade before gradually declining to an estimated 9.5 million bpd by 2035. Much of the demand for Russia's record-breaking oil output comes from China, which has an agreement with Russia that will allow for more deliveries of oil. With increased deliveries, China is poised to outpace Germany as the largest consumer of Russian oil in the first quarter of 2014.

Related Articles

Scotland’s shale may supply 30 years of UK gas needs

07/01/2014 Scotland could hold enough shale gas resources to cover UK gas needs for more than 30 years, according to a geological report published by the British government, and reported by Reuters. But Scotl...

ICF: Marcellus, Utica shale gas production continues to grow

06/30/2014 ICF International has announced its second-quarter 2014 Detailed Production Report. The report provides a complete outlook for US and Canada natural gas, natural gas liquids, and oil production thr...

Wood Mackenzie: Setting the record straight on US crude oil exports

06/27/2014 Amidst the high volume of speculation off the back of the June 24 announcement by the US Department of Commerce concerning a private ruling for Pioneer Natural Resources Co. and Enterprise Product ...

IHS: Escalating costs driving diminishing returns for oil and gas companies despite stronger oil prices

06/27/2014 Despite stronger oil prices, corporate returns on average capital employed (ROACE) are lower than in 2001, when oil prices were less than $30 per barrel, according to research from information and ...

US oil and gas in 2013: Increased reserves and rebounding profits

06/26/2014 EY's seventh annual US oil and gas reserves study reveals multiple indicators that the US oil and gas industry is emerging from years of volatility prompted by the global financial crisis and subse...

More Oil & Gas Financial Articles

Scotland’s shale may supply 30 years of UK gas needs

Tue, Jul 1, 2014

Scotland could hold enough shale gas resources to cover UK gas needs for more than 30 years, according to a geological report published by the British government, and reported by Reuters. But Scotland's roughly 80 trillion cubic meters of gas is only around 6% of Britain's potential, with the rest mainly in the Bowland shale region across northern England.

ICF: Marcellus, Utica shale gas production continues to grow

Mon, Jun 30, 2014

ICF International has announced its second-quarter 2014 Detailed Production Report. The report provides a complete outlook for US and Canada natural gas, natural gas liquids, and oil production through 2035.

Wood Mackenzie: Setting the record straight on US crude oil exports

Fri, Jun 27, 2014

Amidst the high volume of speculation off the back of the June 24 announcement by the US Department of Commerce concerning a private ruling for Pioneer Natural Resources Co. and Enterprise Product Partners LP, a closer look reveals that the rulings upheld the definition of what is exportable, with no material change to export policy, according to Wood Mackenzie.

IHS: Escalating costs driving diminishing returns for oil and gas companies despite stronger oil prices

Fri, Jun 27, 2014

Despite stronger oil prices, corporate returns on average capital employed (ROACE) are lower than in 2001, when oil prices were less than $30 per barrel, according to research from information and insight provider IHS (NYSE: IHS).

US oil and gas in 2013: Increased reserves and rebounding profits

Thu, Jun 26, 2014

EY's seventh annual US oil and gas reserves study reveals multiple indicators that the US oil and gas industry is emerging from years of volatility prompted by the global financial crisis and subsequent recession.

Most Popular

Oil & Gas Jobs

Search More Job Listings >>
Subscribe to OGFJ