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Commodities Briefing - Categorized | Market Moves, Oil more

Russia remains as top oil producer in 2013

Posted on 07 January 2014

Russia remained the largest global oil producer in 2013, increasing production 1.4% from 2012 to reach a post-Soviet Union high of 10.51 million barrels per day, Reuters reported. December oil production in Russia also hit a post-Soviet high with an average of 10.63 million bpd. Russia continues to prioritize oil output and it shows in its budget revenues with oil and gas representing more than half under President Vladimir Putin.
“Enough investment is being made to slow declines in West Siberia and increase production in East Siberia in order to make for small net production increases,” analysts from the International Energy Agency (IEA) told Reuters………………………………………..Full Article: Source


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