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Russian Oil Production Down in May

Platt’s reports that Russian oil production in May was down .7% compared with a year ago, continuing the trend seen earlier.  Since the Russian economy is growing rapidly and thus using an increasing amount of oil every month, no doubt Russian exports of oil were down more even more steeply. 

The report by Platt’s says in part:

“Russia’s crude output was 41.189 million mt (9.699 million barrels/day) in May, down 0.7% from the same period a year ago, preliminary figures from the country’s industry and energy ministry showed Monday. The May figure was in line with the downward trend in the country’s upstream sector as its resource base depletes. It supports concerns that Russia may this year see the first fall in annual oil production since 1998.”

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This entry was posted on Monday, June 2nd, 2008 at 7:45 pm and is filed under Russia, oil supply. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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