Russia breaks oil output record

Russian oil output, the largest in the world, reached 10.59 million bpd (barrels per day) in October, setting the record for the country’s post-Soviet period, Energy Ministry data showed.

The landmark was reached due to Rosneft increasing production at the Vankor field in the Krasnoyarsk Region, the Vedomosti paper reports.

The output at the field was 18.3 million tons last year, with the company planning Vankor reach 25 million tons annually.

Another influential factor is the larger amount of Gazprom-produced gas condensate, which has now reached 350,000 bpd.   

The country’s total output in October reached 44,773 million tons, which is 1.3 percent higher than during the same period last year.

According to the International Energy Agency, Russia's all-time production of black gold reached its peak at 11.41 million bpd in 1988, when it was still part of the Soviet Union.

The production of oil in Russia has been steadily growing since the setback caused by the global financial crisis in 2008, which saw output falling to about 9.8 million bpd.

In September 2009, it exceeded a monthly level of 10 million bpd, with the country overtaking Saudi Arabia as the world’s largest oil producer the next year.

Oil and gas remain the No.1 source of income for Russia, as hydrocarbons account for 80 percent of the country’s export.