Russian energy minister Alexander Novak. Image courtesy of the Ministry of Energy of the Russian Federation.

Oil output in Russia hit a record post-Soviet era high in 2014, averaging 10.58 million barrels per day.

Russia’s energy ministry said Friday the country saw a 0.7 percent bump in production during the year, mainly thanks to an 11 percent output spike from small private producers.

Oil and gas condensate production hit a record 10.67 million barrels per day in December, the highest daily average output since the fall of the Soviet Union.

Crude exports dropped by 5 percent to 195.5 million tons due to increased demand from domestic users and refineries, the energy ministry said.

Western sanctions, falling oil prices and declining output in West Siberia pushed total output growth down, with Rosneft reporting a 0.7 percent drop in its 2014 production over the previous year.

Gazprom also reported a 9 percent output fall.

The state owned gas giant saw total production drop to an all time low of 432 billion cubic meters in 2014 amid a months long pricing dispute with Ukraine.

The International Energy Agency expects Russia’s oil production to fall by one percent in 2015.

In December, Russian energy minister Alexander Novak warned Russian exports could drop in the new year as domestic demand increases and investments fall.

“We are assessing these risks that we may automatically reduce production as a result of low prices and failure to implement investment projects of the companies,” Novak told the Russian Times.


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