MOSCOW, Nov 2 (Reuters) – Russian oil production, the world’s largest, hit a post-Soviet high in October, rising 0.4 percent month on month to 10.78 million barrels per day (bpd), Energy Ministry data showed on Monday.
Russia has been raising output despite low oil prices as the weak rouble has helped to offset oil companies’ reduced profits. The country is also trying to protect its market share from rivals such as Gulf nations, which have started supplying Moscow’s traditional markets.
Output reached 45.572 million tons versus 43.961 million in September, or 10.74 million bpd, which was at that time a post-Soviet high.
The data showed that Russian oil output under production-sharing agreements, designed in the 1990s to encourage investment by foreign oil firms, jumped 6.7 percent in October from September to 1.367 million tonnes (323,000 bpd).
The ministry gave no breakdown of the data for those projects, which include Sakhalin-1 developed by Rosneft, ExxonMobil, ONGC and Sodeco; Sakhalin-2 involving Gazprom, Shell, Mitsui and Mitsubishi; and Kharyaga with Total, Statoil and Zarubezhneft.
Sanctions do not affect those projects.
Saudi Arabia, the world’s top oil exporter, pumped on average 10.1 million bpd in October, a Reuters survey showed. OPEC nations meet next month to discuss production quotas.
(Reporting by Katya Golubkova; editing by Alexander Winning and Jason Neely)
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