Accessibility links

Breaking News

Russia's 2012 Oil Output Hits Post-Soviet High

An employee walks through the Slavneft-YANOS refinery in the city of Yaroslavl, about 250 kilometers northeast of Moscow, October 25, 2012.
Russian oil production reached a post-Soviet record in 2012.

Data from Russia's energy ministry in Moscow shows oil and gas production grew at least one percent last year to reach a high of 10.4 million barrels per day. Russia had established its previous post-Soviet record in 2011 when output stood at slightly more than 10 million barrels per day.

Total daily oil production in Russia, 1992-2012
Total daily oil production in Russia, 1992-2012
The current oil output rate outpaces that of Saudi Arabia and secures Russia's position as the world's biggest oil producer.

The oil and gas sector accounts for roughly half of all budget revenues in Russia. But the government is still trying to change that by diversifying the economy in the hopes of shedding Russia's dependence on the global price of oil.

Some information for this report was provided by AFP and Reuters.