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News // Russia

RIA Rating: Russian oil production to hit new record in 2016

25 August 2016 , 18:17SputnikNeftegaz.RU1030

Russia will achieve record oil production volume in 2016, the Rossiya Segodnya International Information Agency’s rating experts (RIA Rating) said on August 25, 2016.

 

In the «Oil and Gas Extraction and Refining: Trends and Forecasts. January-June 2016 Results» bulletin, experts noted that in the 1st half of the year the Russian oil industry output reached 272.4 million tonnes (3.1% increase year-on-year) making a post-Soviet record. Most of the growth was provided by the Yamalo-Nenets and Nenets Autonomous Regions, Sakhalin region and Irkutsk region.

 

Experts believe that although the growth rate could diminish in the 2nd half of the year, total oil production in 2016 will increase by some 6-7 million tonnes or 1.5-1.6% year-on-year to a new record value of 539-540 million tonnes.

Prices on the European gas market have increased significantly in the second quarter of 2016. However, despite the significant boost in exports, the gas production in Russia decreased due to a reduction in domestic demand.

The Russian oil refining industry continues its production decline due to reductions in low-margin heavy petroleum products output. At the same time, gasoline production increased while oil refining efficiency reached record levels.

 

RIA Rating is a rating agency of the Rossiya Segodnya International Information Agency, specializing in performance assessment of companies, regions, banks, industries and credit risks.

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