Russian Oil Output Reaches Post-Soviet Record in September
- Supply increase comes at time of global surplus of crude
- Producers benefitting as ruble decline pushes down costs
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Russian oil output rose to a post-Soviet record last month as producers took advantage of the weak ruble to push ahead with drilling.
The nation’s production of crude and condensate climbed to 10.74 million barrels a day, 1 percent more than a year earlier and topping a record set in June, according to data from the Energy Ministry’s CDU-TEK unit. Soviet-era production peaked at 11.48 million barrels a day in 1987, according to BP Plc.