•  
  •  
  •  
  •  
  •  
  • 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.

    Most Popular

    Related Articles

    TexNet Seismic Monitoring Program to study Texas’ earthquakes

    06/22/2015 Texas Governor Greg Abbott has signed legislation authorizing funding of $4.47 million for the TexNet Seismic Monitoring Program, an initiative led by the Bureau of Economic Geology — the State Geo...

    Wood Mackenzie: Western Canadian liquids production on upward trajectory starting in 2016

    06/19/2015 Wood Mackenzie's breakeven review of more than 180 individual company assets in Western Canada reveals variations in the economics of each core area. The results show many of the Canadian plays yie...

    Little change in May for Eagle Ford and Bakken production

    06/18/2015

    Oil production from key shale formations in North Dakota and Texas was little changed in May vs. April, according to Bentek Energy, an analytics and forecasting unit of Platts.

    Floater retirements set to reach historical high

    06/12/2015 Rystad Energy’s latest research indicates that 88 units within the floater market will have to be taken out between 2015 and 2017, making it the largest ever retirement cycle in the history of offs...

    Report: Russia's weaker institutions separate it from investment-grade Brazil

    06/11/2015 The key factor differentiating the sovereign credit ratings on Russia and Brazil are that Russia has weaker institutions Brazil, says Standard & Poor's Ratings Services in its report "Russ...

    UND research reveals truth behind satellite images of Bakken flares

    06/10/2015 Researchers from the University of North Dakota (UND) Energy & Environmental Research Center and the John D. Odegard School of Aerospace Science's Department of Earth System Science and Policy ...

    More Oil & Gas Financial Articles

    TexNet Seismic Monitoring Program to study Texas’ earthquakes

    Mon, Jun 22, 2015

    Texas Governor Greg Abbott has signed legislation authorizing funding of $4.47 million for the TexNet Seismic Monitoring Program, an initiative led by the Bureau of Economic Geology — the State Geologic Survey of Texas — at The University of Texas at Austin. TexNet will enhance Texas’ ability to gather information about subsurface seismic activity.

    Wood Mackenzie: Western Canadian liquids production on upward trajectory starting in 2016

    Fri, Jun 19, 2015

    Wood Mackenzie's breakeven review of more than 180 individual company assets in Western Canada reveals variations in the economics of each core area. The results show many of the Canadian plays yielding comparable returns to key producing plays in the US Lower 48.

    Little change in May for Eagle Ford and Bakken production

    Thu, Jun 18, 2015

    Oil production from key shale formations in North Dakota and Texas was little changed in May vs. April, according to Bentek Energy, an analytics and forecasting unit of Platts.

    Floater retirements set to reach historical high

    Fri, Jun 12, 2015

    Rystad Energy’s latest research indicates that 88 units within the floater market will have to be taken out between 2015 and 2017, making it the largest ever retirement cycle in the history of offshore drilling.

    Report: Russia's weaker institutions separate it from investment-grade Brazil

    Thu, Jun 11, 2015

    The key factor differentiating the sovereign credit ratings on Russia and Brazil are that Russia has weaker institutions Brazil, says Standard & Poor's Ratings Services in its report "Russia's Weaker Institutions Separate It From Investment-Grade Brazil."

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ