Russian output hits record, could go higher

摘要

Russian crude and condensate production hit a post-Soviet record of 11.3mn b/d in September. And it could rise by another 200,000-300,000 b/d if the market needs the incremental supply, President Vladimir Putin says. Russian output is now easily overshooting the 11.18mn b/d October 2016 baseline outlined in the original Opec/non-Opec production deal, from which it was supposed to cut 300,000 b/d. 'Russia’s resources are colossal,' Putin says, a reference in part to the greenfield potential of Russia’s top oil companies, and Rosneft in particular. Rosneft had stalled much of its greenfield development programme to allow Russia to meet its Opec/non-Opec target cut but has been pushing up output since the middle of this year, even before the June Opec/non- Opec meeting that pledged to restore compliance with the deal to 100pc.