Russia has increased oil production

Oil production in Russia in August-January increased by 1.9 percent compared to the same period last year. In total, Russia produced 361.2 million tons of raw materials during this period. In August, production was 45.3 million tonnes, which means that the pace of production growth slowed slightly as production was only marginally (0.1 percent) higher than in August 2015.

It is interesting to note that the growth in production was achieved by increasing production from relatively small companies.

The leader in oil production growth in the period January - August 2016 was Novatek. The company increased production by as much as 46.8 percent over the same period last year to 8.4 million tonnes. Bashneft's production increased by about 8.2 percent (13.8 million tons); the growth of Tatneft and Gazprom was also recorded. At the same time, production at Lukoil amounted to 55.5 million tons (a decrease of 3.6 percent); Rosneft at the level of 132.9 million tons (a decrease of 0.2 percent).

For Russia, oil production results are key to the state budget, which largely depends on the sale of raw materials.