Russian oil production down
For the first time in ten years, Russia oil production in 2008 decreased. The country last year produced a total of 488,1 million tons, which is down 0,7 percent from 2007. Also exports are falling.
Russian officials have long not wanted to admit it. However, the inevitable last year became evident – Russian oil production is over the top and falling, newspaper Vedomosti reports. Of the top five Russian oil companies, only Rosneft last year managed to uphold growth. The company’s production growth totalled 113,85 million tons, which is up 12 percent from 2007. Lukoil had a production of 90,2 million tons, which is down 1,3 percent. TNK-BP had a 0,9 percent drop and ended up with a 2008 production of 68,8 million tons. Surgutneftegaz produced 61,7 million tons of oil, which is 4,6 percent less than in 2007. Gazprom Neft produced 30,7 million tons, which is a decrease of 5,9 percent. The main reason for the drop is the drying out resources of Western Siberian fields, Vedomosti writes. In addition, also Russian oil exports are dropping. In 2008, the country exported a total of 203,091 million tons, which is 6,2 percent less than in 2007.
