Siberian Surprise: Russian Oil Patch Just Keeps Pumping

[Locutus]

• Record output seen in 2015 despite sanctions, low oil price
• Oldest fields and newest combine to deliver steady gains

In the fight for market share among the world’s oil producers this year, Russia wasn’t supposed to be a contender.

But the world’s No. 3 producer has been pumping at the fastest pace since the collapse of the Soviet Union, adding to the flood on an already-swamped market and helping push prices to the lowest levels since 2004.

Russia’s unexpected oil bounty this year is the result not of a new Kremlin campaign but of dozens of modest productivity improvements across the sprawling sector. Even pressured by plunging prices, as well as U.S. and European Union sanctions that cut access to much foreign financing and technology, Russian companies have managed to squeeze more crude out of some of the country’s oldest fields. They have also brought new projects on line, offsetting steady declines in its core producing region of West Siberia.

With a rise of 0.5 percent in the first nine months of 2015, Russia hasn’t boosted production as much as its larger rivals, the U.S. (up 1.3 percent) and Saudi Arabia (up 5.8 percent), according to Citigroup Inc. But having ignored OPEC’s calls earlier this year to join efforts to support prices by pumping less, Russia is keeping up with the cartel.


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Siberian Surprise: Russian Oil Patch Just Keeps Pumping - Bloomberg Business

http://www.zerohedge.com/news/2015-...oil-production-hits-record-saudi-gambit-fails

 

[taxslave]

Probably don't have to fight protesters at every turn either. WHy doesn't suzuki and his ilk ever protest Russian oil production?

 

[Locutus]

or saudi.

 

[MHz]

Probably don't have to fight protesters at every turn either. WHy doesn't suzuki and his ilk ever protest Russian oil production?

Their bears and reindeer are smart enough to walk around a spill. With our regulations it just means hiding the pollution is more of a priority than cleaning it up when there is one, a more expensive option also.
Once there are lines going to India and China then exports will be at max for Russia and Iran.

 

[Machjo]

Russia sells to China, China burns it into smog, and the wind carries it to Japan.

 

[petros]

Ours are pumping too.

Price as it sits is the natural price after years and years of OPEC artificial inflation.

I'm super happy that most people read the news rather than follow the news.

BARRELS PER DAY... What does that mean?

Russia sells to China, China burns it into smog, and the wind carries it to Japan.

China produces sh-tloads of it's own. Far more than what is imported.

 

[MHz]

Russia sells to China, China burns it into smog, and the wind carries it to Japan.

Compared to what Japan now has smog would be a blessing.

Ours are pumping too.

Price as it sits is the natural price after years and years of OPEC artificial inflation.

OPEC didn't set the price at the pumps in North America, the World Bank does though.

 

[Locutus]

so where we gettin' our oil from these days?

 

[CDNBear]

NoFrills

 

[Locutus]

well as long as it doesn't come from that filthy tar sands place.

I hear foreign oil is clean, safe, PC and environmentally responsible.

 

[CDNBear]

Pretty sure mine came from Italy. At least the pic on the bottle is from Italy.

 

[DaSleeper]

well as long as it doesn't come from that filthy tar sands place.

I hear foreign oil is clean, safe, PC and environmentally responsible.

But but but It's not ethical....