Moscow—Russia’s crude oil output reached 42.593 million mt (10.364 million b/d) in September setting a new post-Soviet production record, although analysts do not expect the trend to continue. Russia’s total crude oil production in the first nine months of the year edged up 1.3% year on year to 386.602 million mt, according to energy ministry data released on October 2. This was broadly in line with analysts expectations, but they do not expect the trend to continue beyond the end of the year. “We are in the last wave of production growth, which should flatten by the end of the year,” Ildar Davletshin at Renaissance Capital said, adding that he does not expect major production growth again until significant new fields come online in 2015.
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