Russia's 2013 oil output hits post-Soviet high

|By:, SA News Editor

Russia says its oil output rose for the fifth year in a row in 2013, rising 1.3% to 10.5M bbl/day and reaching a record high for the post-Soviet era.

Output at state-run oil producer Rosneft (RNFTF) surged to 156.5M tons from 117.5M, as it consolidated its $55B purchase of TNK-BP, and now accounts for ~30% of Russia's output; Lukoil (LUKOY, LUKOF) ranked second in production at 85.8M tons.

Natural gas output rose 2.1% to 668B cm following a 2.3% decline in 2012, but Gazprom's (OGZPY) production fell 0.6% to 476B cm.