Russia reports on crude output

Russia’s crude oil output reached 7.37 mm bpd in June of 2002, the highest level achieved since the collapse of the Soviet Union, according to an International Energy Agency (IEA) report published on August 9. Output increased by 550,000 bpd year-on-year in June and was up by 90,000 bpd from the May 2002 level.
LUKoil maintained its position as the country’s top crude producer with an output of 1.5 mm bpd. Yukos was not far behind, posting production of 1.38 mm bpd, an increase of 40,000 bpd. Preliminary estimates for July of 2002 also suggest that crude exports increased slightly.

In May, Russia ditched an agreement with OPEC under which it consented to cut oil supplies in the first half of 2002 by around 150,000 bpd in support of the organization’s attempts to boost low oil prices. Russia had agreed to cut crude exports by this amount but has since allowed its oil majors to boost production by 8 % year-on-year.
Estimated oil exports from the former USSR dipped to 5.68 mm bpd in July, adecrease of around 100,000 bpd from June. The production of crude and natural gas liquid in Kazakhstan stood at around 920,000 bpd in June, an jump of 40,000 bpd from the May level. Production at the Tengiz field in June 2002 increased to 250,000 bpd while condensate production at Karachaganak was 120,000 bpd.

Oil exports from Russia in the January-May period of 2002 reached 73.59 mm tons, up 15 %, or 9.8 mm tons, year-on-year, according to the State Customs Committee. Exports to countries outside the CIS in the first five months totalled 59.25 mm tons of crude worth $ 8.637 bn.
Meanwhile, exports to the CIS amounted to 14.337 mm tons worth $ 1.122 bn.