Image courtesy of Rosneft.

Despite falling global demand and western sanctions Russia celebrated record breaking crude output in March.

Oil output jumped 0.6 percent to a post-Soviet record of 10.71 million barrels per day, Reuters said.

Combined crude and gas condensate output climbed to 45.275 million tons, up from 40.696 million tons in February.

State owned transportation player Transfeft saw crude exports grow by 2 percent to 3.91 million bpd.

The output gains were prompted by a 14 percent oil and condensate output jump from Gazprom and a 0.2 percent rise in production at Rosneft.

Rosneft’s total March production grew to 3.18 million bpd on the strength of growing output at the Vankor field in Siberia.

However, Gazprom saw natural gas production sink to 1.165 billion cubic meters per day, down 10.2 percent since February.

The output boost comes on the heels of mounting concerns of a global supply glut that is already putting pressure on U.S. storage facilities.

An Energy Department report released earlier this month found that U.S. crude supplies are at their highest level in 80 years and are pushing storage capacity to the limit.

Russia’s output has been hitting record highs since December despite western sanctions that have forced North American and Europe companies to curb activities in the oil rich country.

Last month the International Energy Agency said  U.S. production will grow to 5.2 million barrels per day by 2020.

The agency also expects global oil inventories to hit record highs before capital expenditure cuts begin to shrink supplies.



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