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. Last Updated: 07/27/2016

Oil Output Hits New Record

The country's oil output hit a new post-Soviet record in July, while exports recovered from a deep fall in the previous month caused by the introduction of higher export fees, Industry and Energy Ministry data showed Thursday.

The data showed that oil production rose to 9.89 million barrels per day, a 0.4 percent increase on June, and up from the previous post-Soviet record of 9.87 million bpd, reached in March.

July production rose 2.2 percent versus July 2006. Year-to-date output stood at 9.86 million bpd, up 3 percent from 9.57 in January to July 2006.

Oil exports via pipeline monopoly Transneft in July were up 1.2 percent to 4.3 million bpd after they fell seven percent month on month in June.

Russia revises export duties every two months, tracking moves on the global markets, and the jump in export duties from June made crude exports less profitable than domestic refining.

Oil exports via Transneft noticeably fell, by 5.5 percent year on year as oil companies tried to refine more crude oil at domestic refineries to benefit from increasingly profitable exports of refined products.

Most of the big producers cut output, except the state-controlled Rosneft and Gazprom Neft, which improved by 1.2 percent and 0.3 percent, respectively.

Rosneft increased output to 2.2 billion bpd, outpacing its closest rival LUKoil with 1.82 billion bpd.

LUKoil showed a decline of 0.4 percent, while other majors, TNK-BP and Surgutneftegaz, stepped back by 0.1 percent each. Output at production sharing agreements, led by ExxonMobil's Sakhalin-1 group, rose by 6.2 percent to 352,100 bpd.