Russia Boosts 2017 Crude Oil Production To 30-Year High

OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal.

The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 million barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.

Libya saw a 30,000-barrel-a-day decline to 970,000 a day following a pipeline blast, which was offset by an increase from Nigeria. Both countries were exempt from cuts last year but are now expected to join the effort with a combined limit of 2.8 million barrels a day. OPEC and its allies agreed Nov. 30 to extend their output agreement until the end of 2018 to balance the market.

Production in Saudi Arabia, OPEC’s biggest member, slipped by 20,000 barrels a day to 9.95 million a day, the surveyed showed. Venezuela, which has suffered a slump in output amid economic collapse and U.S. sanctions, reduced volumes by a further 50,000 barrels a day to 1.81 million a day.

 

1

But, as OilPrice.com's Tsvetana Paraskova writes, despite the fact that Russia is cutting its oil production as part of OPEC and allies’ deal to restrict global oil supply, Moscow’s average daily crude oil production inched up again in 2017, to a 30-year-high of 10.98 million bpd, according to Russian Energy Ministry data.

Non-OPEC Russia, like OPEC’s de facto leader Saudi Arabia and most of the other cartel members, entered the joint deal on January 1, 2017 at a very high level of production, which took much of the sting out of the cuts. In the last quarter of 2016, Russia’s production had hit a post-Soviet era high, while year over year in 2016, production grew to 10.96 million bpd, from 10.72 million bpd in 2015.

Russia’s pledge in the OPEC/non-OPEC deal is to shave off 300,000 bpd from the October 2016 level, which was the country’s highest monthly production in almost 30 years--11.247 million bpd.

Moscow’s commitment to the deal, however, included a gradual reduction until reaching the 300,000-bpd cut by the spring of 2017, so for a few months in early 2017, Russia’s monthly production was above 11 million bpd.

Russia’s oil production in December 2017 was 10.95 million bpd, up from 10.94 million bpd in November, driven by 0.2-percent growth in production at the biggest oil firm, Rosneft.

For the whole of 2017, Russia’s average annual oil production increased for a ninth year in a row.

To compare, in 1999, the average annual oil production in the country was 6.1 million bpd.

The Russia-led non-OPEC producers and OPEC agreed at the end of November to extend their production cut pact to the end of 2018, in their efforts to continue drawing down the global oil overhang. If the deal holds until the end of this year, Russia’s oil production growth could stall, considering its commitment to the pact.

Comments

Son of Captain Nemo Wed, 01/03/2018 - 17:41 Permalink

I see a gold backed currency in Russia's future "with it's own blockchain" running mining services spanning multiple location(s) inside it's own Country!...

Like a "Field of Dream" for sound money!!!

Son of Captain Nemo BlindMonkey Wed, 01/03/2018 - 18:05 Permalink

And oh my... Won't it be interesting when Russia announces that they have successfully accounted for every digital ledger with a corresponding location for every piece of "phyz" Au and Ag at one if it's many favorite heavily guarded lairs for PM depository and "protection"!...

I wonder how much Jim Rogers and Max Keiser will be endorsing crypto then?!!!

In reply to by BlindMonkey

Son of Captain Nemo MozartIII Wed, 01/03/2018 - 17:54 Permalink

Moz

When the Saudi's went full retard almost 3 years ago with opening the flood gates in their production levels as the lamest attempt to cripple Russian oil production that was subsequently followed by an announcement that Aramco was "going public"...

I knew I was visualizing the biggest "shit eating grin" on the Russian Bear's face!... Rinse and repeat for the Iranians.

I just don't understand with this handwriting on the wall we haven't seen en masse "walk outs" at the UN since these happened given what it's done to USD and the Euro?  And the only conclusion I can come to is the same thing that was spooking this guy (http://www.businessinsider.com/obama-manhattan-nuke-russia-putin-2014-3) is the same one that is also being held over every key member of the UNSC!...

Just proof that Samson has many on it's payroll (https://en.wikipedia.org/wiki/Samson_Option)

In reply to by MozartIII

MK ULTRA Alpha Son of Captain Nemo Wed, 01/03/2018 - 19:28 Permalink

The anti-American haters are truly stupid. It was written many many times, the reason Saudi Arabia opened the taps was to take out the US fracking oil production which was a threat to their US market share.

Now Russia has expanded into China cutting out Persian Gulf market share. This happened only after China imported and stockpiled two years of imported Persian Gulf oil for war. The Russia move is in response to Russia being forced into the hands of the Chinese because of US sanctions which I and a host of Americans don't agree with. Much of what the anti-American haters rant about is REAR VIEW MIRROR agenda which will fade a way with time.

Pushing Russia into closer economic ties with China is the greatest strategic blunder since the Invasion of Iraq. The real reason the US conducted a shadow war with Russia in Ukraine and NATO is now on Russia's border is because after the break up of the Soviet Union, Jewish oligarchs - organized crime mafia stole the assets of Russia, Putin kicked them out and took the assets back. The Jewish lobby in the US then directed the US government to attack Russia, from the Russian Jew Victoria Nuland to Clinton's desire to prove to the Jews she would cut the throat of her own country if the Jews put her in the Whitehouse and that is the real reason for the Deep State coup on Trump, to keep the Jewish agenda of the payback and eventual control of Russia alive.

US Russian Jewish population is substantial and they're based where, in NYC. They came after the break up of the Soviet Union. The other concentration of Russian Jews is Israel, over 20% of the Israeli population are Russian speaking Jews.

Putin disappointed when he made jokes about people who believe the Jews are a major problem for peace and he's visited Israel many times and does have a relation with NET TEN YAHOO. So for all you pro-Russia anti-Americans who believe Russia is good and America is bad, well think about it. The Russian Jew lobby in the US and Israel is the MAIN INPUT for US wars in the Middle East and the Ukraine. In Ukraine the Jewish president was installed by a US State Department $5 billion Victoria Nuland coup, Nuland is a Russian Jew and her husband Kagan is too. Jews are less than a fraction of one percent of the Ukraine population and their policy was the genocide of ethnic Russians in the Ukraine.

And the food tax, the Kosher food tax on all US food, (circle on cans of food with a U or a K, go check your pantry) is an extortion racket ran by Orthodox Rabbi from NYC, it funds political manipulation operations with AIPAC. All of the Russian Jews in the US and Israel are Orthodox Jews. Mossad Director Dagan the planner of 9/11 and the assassinations in UAE and Iran was a Russian Orthodox Jew. etc etc.

In reply to by Son of Captain Nemo

MozartIII Son of Captain Nemo Wed, 01/03/2018 - 19:38 Permalink

Son of the Choice Captain,

OPEC has been a show for a while. Still sounds good to the establishment and the public. The US is also selling oil abroad now, not much light sweet, but still is a factor. Yes the House of Saud went all spigots open as their budget got screwed up by the inflate to $100/brl. They with a lot of others thought that would last forever. Damned cycles...

USD dropped a ton. Trump thought that would help the US, is jacking up the price of imports, probably pissing off China & Japan. Better for our Manufacturers depending on where they get their resources. Other factors as well. Did I mention cycles? As the EURO falls off the cliff in the near future, watch the USD spike. Will probably be one hell of a volatile year though. Make sure you're using your stops a bit farther out. Let your wins run, but take them in pieces.

 

UN is a puppet show for the political wannabes. They say this, then that, send in support troops to "help" and screw whoever they help. Bunch of rapist thugs. The UN does whatever the US, China, or whoever has the most influence in the area says. Usually a US puppet.

 

Samson... Now your talking about Israel. Whole different animal and often missunderstood and slandered to hades and back! Every one hates the Jews or the Zionists. I don't even believe that most of the supposed Jews are even Jewish. I've had Jewish neighbors, good people. The biggest culprits in male ED (Earnings Disfunction), it's always their fault that every one is broke.  I don't care either way. Based on the history of people trying to wipe them off the map (which has always failed), Israel at its core is the most dangerous country in the world. End of story. They have commited themselves to an injured animal status and for preservation reasons will destroy any and everything that is a threat to them. Even Obama knew this. Yes they have many on their payroll, nothing will change that, nor will all the ranting by anyone. Even the feckless UN can do nothing but vote. The good news is that Israel leaves everyone alone that leaves them alone. Not for or against, just observations from the bridge of life.

 

Wish you the best!

MozzartIII

 

In reply to by Son of Captain Nemo

MK ULTRA Alpha MozartIII Wed, 01/03/2018 - 19:55 Permalink

"The good news is that Israel leaves everyone alone that leaves them alone. Not for or against, just observations from the bridge of life. " You're a television head nut. Greater Israel is the BALKANIZATION of Iraq and Syria and the Americans are a beast of burden for this shit. This is an example of a Fox News BRAINWASHED pro-Zionist. He doesn't read and if he did read he would only read what his mind controlled TV head bias would let him. The truth pops the bubble of these Israel First over America traitors. I bet this freak believes the US government's version of 9/11.

The Israelis are stealing Syrian land, Golan Heights land and extending into Syria which has a MAJOR OIL AND NATURAL GAS FIELD UNDER IT LEADING IN TO SYRIA. Does that seem like ISRAEL LEAVES EVERYBODY ALONE?

In reply to by MozartIII

MozartIII MK ULTRA Alpha Wed, 01/03/2018 - 20:15 Permalink

Don't watch Fox News. Not a zionist. If you could read, you would have read that I don't care either way. You seem to care a whole bunch about middle eastern oil and gas. I don't put Israel over American interests. I never said they leave everyone alone.

Just made an observation with out bias. It used to be possible to have such conversations. 

Are you able to not agree with someone, with out going into a hate filled tirade. Just asking?

Have a great night!

MozzartIII

In reply to by MK ULTRA Alpha

MK ULTRA Alpha MozartIII Wed, 01/03/2018 - 20:33 Permalink

Just giving it back, it was your oblique reference to Jews in response to my essay. And who in the hell told you Saudi Arabia opened the taps because of their budget. They started blowing out the market about three years ago when the price of oil was much higher and EVERYBODY was saying, everybody, every professional analyst was saying it was in response to US shale producers. It was a Saudi attempt to maintain US MARKET SHARE.

And then YOU WRITE the Jews don't even know if they're Jews, too much, they know they're Jews. And it is hate because I write in PURE OBJECTIVE REALITY?

You are a typical American TV head and yes, I read your pathetic attempt to say you were neutral when you aren't. Now take your delusional hate down the road for anyone who questions the reality of your brainwashed TV mind. And, I feel the same about all enemies of the American people, Iran, Israel, Turkey, basically the entire Middle East, not happy with what everyone is about and neutral is not saying Israel stays to themselves. Crazy post you did and you should apologize for being an ISRAEL ZIONIST APOLOGIST.

In reply to by MozartIII

veritas semper… Son of Captain Nemo Wed, 01/03/2018 - 20:09 Permalink

Observe how the 2nd pipeline from Russia to China which has just started at full capacity and Russia's maximum production is coordinated with the launching of the petroyuan backed by GOLD.

These guys go for the  jugular of the US.

The $ is not going to collapse immediately. Slowly at first,'til the movement gains momentum,then all at once.(like bankruptcy)

It is going to be a parallel run international trade in paper $ and GOLD backed yuan.And we know what happens with paper opposed to sound money.

More and more counties are going to show the birdie to the US(UK,Israhell and their financial ponzi schemes).Like what PAKISTAN did recently(it will trade in yuan) and you ALL saw the US/the Donald reaction.

LOL

In reply to by Son of Captain Nemo

MK ULTRA Alpha veritas semper… Wed, 01/03/2018 - 20:23 Permalink

"Observe how the 2nd pipeline from Russia to China which has just started at full capacity and Russia's maximum production is coordinated with the launching of the petroyuan backed by GOLD." Exactly correct, and I was just thinking of how to write the same thing. The pipeline coincided with the launch of the gold back Yuan. Thus, if the pipeline is the reason for the launch of the gold backed Yuan, all the anti-America post stating the gold backed Yuan for oil will cause the end of America is total BS, it will isolate trade between China and Russia. The gold backed Yuan was most likely a Russian requirement to pump greater amounts of oil through the pipeline to China. It will have zero impact on the US.

Edit added note, the Pakistan aid cut off was in the works before Pakistan moved to the Yuan, thus, Pakistan was reacting to the cut off of aid by showing their cards and working closer with their traditional ally China. Actually, the aid cut off to Pakistan was in the works before the UN vote on Israel capitol move, it just sped up the process with a little Trump twitter show. Obama had increased aid to a point we weren't getting a good return and Trump is aligning with India.

In reply to by veritas semper…

veritas semper… MK ULTRA Alpha Wed, 01/03/2018 - 20:56 Permalink

So,you say that the rest of the world is going to prefer paper to Gold? I doubt it.

You do not seem to understand what the petrodollar really is and how it functions:everybody has to buy oil in $ ,as per the deal between SA and US(SA has had the main production).The excess $ (AND THE SAVINGS OF THE COUNTRIES)are used to buy T bills from the US,thus supporting the US deficit spending and GDP(as the US main GDP is paper shoveling,FIRE industry,and putting printed money into S&P.Real GDP is less than 5T,not 18t as US pretends).And so the $ are recycled.

This way ,the rest of the world supports also the US wars,big army and military bases all over the world.

The US lives beyond its means on the back of the world,which is forced to accept $ for real goods and to finance the US debt.

US can just print $ ,as much as it wants,used to bribe,coerced,finance wars,terrorists groups,military bases,etc.It's unlimited printing press.QE to infinity!

If you interrupt this cycle,the world does not use $ in trade,and uses sound money(because any money backed by GOLD IS SOUND MONEY),the US economy and standard of living will collapse over night.

You seem to think the the yuan  will be limited to buying Russian oil only.Or the $ is only used by US to buy oil for US.

 

In reply to by MK ULTRA Alpha

MK ULTRA Alpha veritas semper… Wed, 01/03/2018 - 21:59 Permalink

"So,you say that the rest of the world is going to prefer paper to Gold? I doubt it." Another anti-American either a foreigner or an American brainwashed to destroy himself and his country. Have you ever been to China? The Chinese can't be trusted in business transactions. The reason for the gold backed Yuan is to facilitate the trade of oil and weapons for gold using the Yuan as a paper receipt which can be redeemed for gold. Are the Russians going to be paid in Yuan, then redeem it for gold? No. Will the Russians use it for balance of payments transactions? No. What are the Russians going to use it for, it is a guarantee of payment for the oil shipped to Chinese firms. The gold backed Yuan will then be used to purchase manufactured goods to eliminate consumer goods shortages in Russia.(this is one of the features discussed) The Yuan will hold the same value regardless of the value of gold. Why? because the value of the gold back Yuan is dependent on what it can buy in the market. The market will determine the value.

The other use is for Russia to redeem the Yuan for the stated gold value printed on the Yuan. This has been tried before and the run on gold for say countries like Great Britain caused a complete drain of gold. Thus, the Chinese in their quest for oil, since they're the largest importer of oil and for China to have a safe secure source of oil in case of a Persian Gulf war, the Chinese are willing to take the RISK of draining their gold stockpiles in order to secure oil.

What country are you writing from? so many anti-American foreigners from Canada, Argentina, UK, Australia etc come on here everyday saying this and that is going to destroy America. It's not doom and gloom it's pure hate for a nation which struggles to fulfill the obligation of these nations security. They're convinced China is not a threat and is a benign influence when list after list of reasons are proving this is not true. We're gearing up for a global war, only one who is willing to ignore events because of their hate for America would have missed geopolitical events and Chinese strategy.

How can China use a gold backed Yuan to replace the US world reserve currency? It will be the same exact play as Great Britain's mercantile system of payments failure because the gold was drained off. In the US, Bretton Woods was changed because of the balance of payment system would have drained the US of gold.

Fiat, US dollars are backed not by gold, but the raw economic power of the US economy. Do you want to buy US corn, wheat etc.? you must use dollars no matter if it's backed by gold or not. You would have to convert your gold into dollars to make the transaction. How about a Boeing Jet, same thing. Just because money is backed by gold, doesn't mean it has power over the largest and most prospers economy the world has ever seen.

And let me ask you, since you're an anti-American, WHAT DO AMERICANS DO FOR FUN? THEY RULE THE WORLD!!!

In reply to by veritas semper…

veritas semper… MK ULTRA Alpha Wed, 01/03/2018 - 22:41 Permalink

You are deluded ,man. I'm an American.This tired slogan of "being anti American "if you tell the truth and criticize what America has become,does not stand anymore. I am anti what this country has become,which has nothing to do at all with what it was supposed to be.

The mighty American economy?

you make me laugh!

What economy? FIRE economy (and war economy,and here they are losing to the Russians).

Paper manipulations,rent extraction do not count as economy.US does not produce too much,this is reflected in the huge trade deficit:

Trade balance for the past twelve months ($ billion)

China: +414
Germany: +270
Russia: +111
Brazil: +66
Netherlands: +66
Italy: +52
Saudi Arabia: +43
Indonesia: +13

Canada: -13
Spain: -26
Pakistan: -36
France: -68
Turkey: -73
India: -140
UK: -171
US: -798

yes,it is that bad.800 Billions/year,that will need to be paid in sound money(that the US does not have),when the petro-f*cking -dollar gives its last breath.

have you seen the real numbers reflecting the real economy:

-continuous decrease in the standard of living

-the decrease in life expectancy,combined with the highest price for health care

-98 millions people not working and not counted in the labor force;this is the size of two big countries;can you even comprehend it?

-real unemployment,based on this,around 40%;people working multiple part time jobs

-real deficit not 20T,with personal,corporate,states,federal government and unfunded liabilities:160-200 T

-real inflation 10-12%

-economy based on pumping money into stocks(free printed money) and rent extraction from mandatory insurances in all aspects of life,and real estate bubble creation

-US does produce weapons,but are losing market shares to the Russians

-Us has no GOLD(it all moved to East)

Meanwhile,China has lifted out of poverty millions of people,they have the manufacturing base and the Gold.And economic treaties with countries having the natural resources.

I ask you this,why is US making wars left and right,threatening everybody who wants to drop the dollar in trade,if its economy is so great and they are not afraid to lose the benefits given by the petrodollar?

Let's drop the petro dollar and see how great the US economy really is!

In reply to by MK ULTRA Alpha

serotonindumptruck Wed, 01/03/2018 - 18:00 Permalink

Is it any wonder why Russia is the #1 enemy of the West?

It's definitely not because of any perceived political interference.

Russia is not a member of OPEC, and Russia has the largest proven oil and gas reserves in the world.

Russia also has better access to the Arctic Sea petroleum reserves, which the Western governments covet.

World War III will be about proven global petroleum deposits, which the Western governments will do anything to get their hands on.

Russia rules the world.

The Western governments refuse to accept this reality, and they will now make war against Russia to obtain these petroleum resources.

MozartIII serotonindumptruck Wed, 01/03/2018 - 19:49 Permalink

Who really knows at this time? What will technology in the oil and gas extraction business look like in 20 years?

 

Wait, I was told in school in the 70's that we would run out in 15 years. We can't be using that dinosaur oil stuff in 2018.... Where the hell is Al Gore with his global warming while we are at it. Am in Georgia and was promised beach front property due to the oceans rising.

In reply to by serotonindumptruck

Consuelo Wed, 01/03/2018 - 18:05 Permalink

 

 

- Early 1990's plundering by Western interests

- Poverty & hardship for millions as a result

- Failed Georgia Rose revolution (which came damned close to hot war)

- Failed Orange Ukrainian Orange revolution

- Multiple assassinations of key Russian figures (cloak & dagger Western skullduggery)

- Crippling economic sanctions upon more sanctions

- Continuous provocative moves by Western interests on Russia's borders

 

And through all that - & more, the nation which won WWII successfully powers upward & onward - and still manages to protects its precious youth from the Faggotorious influence of $sold-out & rotted-out Western culture.

 

TeraByte Thu, 01/04/2018 - 02:47 Permalink

Wasn´t US- Saudi goal in economic war to dumb oil prices so low they bankrupted Russia and the country went out from the oil business. Now Saudis themselves are broke and Russia´s production 30 yrs high. Russia has also replaced much of pre-sanction imports by domestic production, which is a blow to EU front line states, which already paid the heaviest price for the sanctions. What were these Ivy League mastermind strategists dreaming of, an unconditional surrender on their terms? Have I missed something?