Russia Increases Oil Supply
Russia upped its oil production last month to new record levels close to ten million barrels per day as sustained oil price increases helped to provide a steady source of income for the country’s economy.
Despite efforts by Opec to reduce output, Russia opted to continue along a path of increasing production.
Russia’s economy suffered last year when oil revenues fell dramatically. However, a return to strength in the price of the commodity has helped to boost the country’s coffers. Crude oil output in Russia exceeded ten million barrels a day in September as the country continues to ramp up output, according to Energy Ministry information.
Figures showed that supply grew by 0.4 per cent from August to reach 10.01 million barrels a day – setting a new monthly output commemorate, Reuters reports. Despite suffering its first drop in ten years last year, Russian end product has recovered in 2009 and the nation is now the world’s largest oil producer after Saudi Arabia reduced supply in line with Opec cuts.
The increase in production could represent good news for homeheating oil customers, as a larger supply of crude could help bring down the overall price of the fuel. It comes despite Opec’s recent efforts to curb output, with the group having cut output by more than four million barrels since September last year in a bid to shore up the marketplace.
Oil prices are currently trading at around $70 (¬48.14) a barrel – a price that several Opec officials have described as “acceptable”. However, according to US bank Goldman Sachs, demand for the fuel is recovering faster than many analysts expected, meaning values could reach $85 before the year is out.
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