This post first appeared on FloatingPath
According to Russian officials, oil production last month reached a high of 10.59 million barrels per day, a figure not reached since the Soviet Union days of 1988.
Total production for October showed a 1.3% gain year over year. The boost is being attributed to increased production by a Rosneft-owned well on the Vankor field in the Krasnoyarsk Region. In addition, Gazprom’s production of gas condensate has grown to 350,000 barrels per day, helping to push overall numbers higher.
Production in the country has been on a steady upward grind since falling to 9.8 million barrels per day in 2008. The Russian Times attributes 80% of the nation’s exports to hydrocarbons, which has recently been a cause for concern as the Kremlin has grown quite dependent on the price of crude.
Note: tradingeconomics.com attributes only 58% of total Russian exports to oil and gas