This September Russia has hit a new record in oil extraction since the breakup of the Soviet Union – 10.74 million barrels a day. According to reports from The Wall Street Journal, black gold production rose by 0.4% versus the preceding month’s figures.
The previous peak of 10.71 million barrels per day was registered in March.
Pavel Kushnir, an oil and gas strategist at Deutsche Bank, said low prices for crude oil exerted no pressure on Russia’s production plans. He also added that this year daily oil production is likely to be 10.6 million barrels, which will be another record of the Northern country.
Such a high level of production in Russia makes a huge contribution to the oversupply in the global market. According to The WSJ, it means Russia has no plans to unite with OPEC to reduce extraction and increase the cost of energy. Recently, the cartel reported that it was ready to take that step only if other exporters joined it.
Co-founder of Macro-Advisory Christopher Weafer say that Russia is following its own strategy of the highest crude oil production, and is going to deal with its effects on the global market later. Weafer emphasized that the Russian Federation is not interested in cooperation with OPEC in the matter of supply control.
