Russia boosted oil output to 10.21 million barrels a day in January, near a post-Soviet record, as state-controlled OAO Gazprom Neft ramped up output and OAO Lukoil halted monthly declines. Exports fell.
Russia may encounter short-term shortages of oil products such as gasoline and winter diesel as demand grows, refineries conduct seasonal maintenance and export duties fall, encouraging shipments abroad, analysts said.
OAO Gazprom , Russia’s monopoly gas exporter, said profit fell 9 percent in the third quarter from a year earlier because of an exchange loss, while rising prices compensated for a decline in European sales.
Exxon Mobil Corp. extended its partnership with Russia’s state-controlled oil company even as U.S. and European nations threaten additional sanctions to punish Vladimir Putin’s regime for its actions in Ukraine.
OAO Gazprom, Russia’s natural-gas exporter, has begun work on a pipeline from Sakhalin Island to the eastern city of Vladivostok that may serve as a major export route to Asia, the company’s chief executive officer said.
Russian production of crude oil and natural-gas condensate topped June’s post-Soviet record last month as companies like OAO Gazprom, spurred on by President Vladimir Putin, invested in increasing output.