Russian oil production hits record for first time after USSR collapsed

Baku. January 3. REPORT.AZ/ Russian oil production hits a record for the first time since the Soviet period, Report informs reffering to Reuters news agency.

According to the Ministry of Energy of the Russian Federation, the daily oil production in 2014 was 10.58 mln barrels.

Russia's highest oil production was in 1988, at that time 11.41 mln barrels of oil were produced per day in Russia. But in 1991, the amount decreased by 19% and was equal to 9.24 mln per  barrel.

In Russia, since Putin came to power the production has steadily increased and prices rose.Thus, the Russian oil price in 1998 was 8 dollars, in 2004, 40 dollars, in 2008 amounted to 127 dollars. About 6 years ago, in 2009 Russia was producing 10 mln barrels of oil per day, and it decreased when the price of oil was 35 dollars.

In 2010 with oil-producing areas Vankor, Talakan and Uvat Russia passed Saudi Arabia-one of the world's largest oil producer and took first place.

At the same time, there was a decrease in natural gas production.Thus, Russia's natural gas production in 2014, decreased by 4.2% and fell to 640 bln cubic meters.

According to the experts, Moscow's budget made up the deficit and if the price of oil will remain the same way it is going to decline by 4-5%.