Russia’s oil output inches by 0.8% flat y/y, exports down by 1.7% y/y in Jan-Aug.

By bne IntelliNews October 23, 2013

Russia’s total oil output inched up by 0.8% y/y to 346.8mn tonnes in Jan-Aug 2013, a report by RosStat shows. In Jan-Aug domestic oil refining increased by 3% y/y to 185mn tonnes, while oil exports declined by 1.7% y/y to 155.6mn tonnes (44.9% of total oil output being exported). The growth rate of output and exports maintained a negative trend, but improved slightly as compared to Q1/13. Domestic refining slowed down from over 4% y/y growth seen in 2012.

In August 2013 actual average oil exports price went up by 2.6% m/m to USD 736.9 per tonne, while average global price of Urals blend oil increased by 2.7% m/m to USD 811.1 per tonne. In Jan-Aug weight of oil exports in total Russia’s exports was 33.2% and weight of oil exports in the total exports of fuels and energy sources was 46.7% (34.9% and 49.5% a year ago).

Russia’s total oil output increased by 0.9% y/y to 516.8mn tonnes in 2012. To compare, Russia’s total oil output declined by 0.7% y/y to 487.6mn tonnes in 2008, went up by 1.2% y/y to 493.7mn tonnes in 2009, went up by 2.1% y/y to 504.9mn tonnes in 2010, and inched up by 0.8% y/y to 509.4mn in 2011. In 2012 domestic oil refining increased by 4.9% y/y to 270mn tonnes, while oil exports declined by 1.8% y/y to 239.9mn tonnes (46.4% of total oil output).

This month, Minister of Energy Alexander Novak told the press that oil output in Russia in 2013 is expected at 520mn tonnes. By 2020 the output is expected at 535mn tonnes. According to previous estimates by the ministry by 2030 output of 530mn-540mn tonnes can be made possible only through launching exploration projects on continental shelf and other hard-to-access fields such as Bazhenov formation in Siberia.

At the same time International Energy Agency (IEA) in its latest monthly report estimated that USA could become the largest non-OPEC producer of hydrocarbons by Q2/14, surpassing Russia.

Related Articles

Latvia issues permits to new gas infrastructure holding

The Latvian Public Utilities Commission (SPRK) announced on January 5 that it has issued licences to Conexus Baltic Grid for the transmission and storage of gas. Conexus Baltic Grid will control ... more

Iran to seek arbitration over termination of gas flow from Turkmenistan

The National Iranian Gas Company (NIGC) intends to take its recent gas dispute with Turkmenistan to international arbitration, Mehr News Agency reported on January 4, citing ... more

CEZ ignores Czech finance minister and re-elects CEO

The supervisory board at Czech power group CEZ ignored pressure from the finance ministry to dump the current management, local media report. Finance Minister Andrej Babis has been accumulating ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss