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Russia’s oil output hits record high in September

Russia’s oil output hits record high in September
Oil and gas condensate production in Russia increased by 7.5% last month in annual terms to 43.859 million tons, according to data from the statistical unit of the country’s Energy Ministry, CDU-TEK.

Statistics show that last month’s production increased at a record pace in 13 months, by 2.6% in monthly terms.

All the major Russian energy companies boosted oil and condensate output last month. Rosneft’s oil production in September was up by 8.1% to 16.5 million tons, while Lukoil’s output increased by 9.9%, to 6.38 million tons. Surgutneftegaz in September increased production by 8.3%, to 4.64 million tons. Gazprom Neft produced 4.63 million tons last month, which is 3.4% more than in 2020. The company’s production has amounted to 42 million tons since the beginning of the year.

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Data also showed that Russian oil exports in January-September dropped by 5.6% compared to the same period last year, to 166.2 million tons. The decrease in exports was the result of Russia’s adherence to the OPEC+ production cuts agreement.

Meanwhile, in September, Russian oil exports increased by 4.1% to 18.6 million tons. Crude exports to non-CIS countries grew by 8.5% last month, to 17.8 million tons. Russian oil exports to CIS countries amounted to 8.7 million tons since the beginning of the year.

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