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. Last Updated: 07/27/2016

Crude Exports Surge in October, But Output Stalls

Crude oil exports to countries outside the former Soviet Union surged 17 percent in the first 10 months of the year as companies led by LUKoil ramped up output and sales abroad amid record-high prices. But October saw a pause in booming output growth that has pushed Russian production to more than double its 1999 level.

Russia produced 9.41 million barrels per day of crude and condensate in October versus 9.42 million bpd in September, which was the latest in a series of new post-Soviet highs, the Industry and Energy Ministry said on the web site.

Oil exports to states outside the Commonwealth of Independent States rose to 168.5 million tons (4.05 million bpd) in January through October, from 144 million tons a year ago. October exports totaled 17.6 million tons.

Oil exports through Russia's pipelines, operated by the national monopoly Transneft, to countries outside the CIS rose 17 percent to 163.6 million tons in the period, from 139.3 million tons a year ago. In October, Transneft shipped 17.3 million tons of oil to non-CIS states.

Shipments to the CIS, which comprises all the former Soviet states except for the three Baltic republics, rose 5.9 percent to 34 million tons. October shipments to the CIS totaled 3.6 million tons.

Russia is the world's largest gas supplier and the second-largest oil exporter, behind Saudi Arabia.

Crude oil output rose to 381 million tons (9.16 million bpd) in January through October, from 348 million tons.

Worries over Russian exports have helped push world crude prices to record highs as analysts warn of an output growth slowdown amid concerns over Yukos and pipeline capacity.

Ministry data showed Yukos' output staying above 1.72 million bpd in the last half of October.

Transneft head Semyon Vainshtok has said Russian firms will be unable to sustain their recent break neck growth, but has dismissed claims of a pipeline shortfall, saying firms are underusing new routes.

The ministry also said the country's natural gas output rose to 519.6 billion cubic meters in the first 10 months, from 507.7 bcm a year earlier. October gas output totaled 53.8 bcm.

(Reuters, Bloomberg)