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. Last Updated: 07/27/2016

August Oil Output at Record High

Russian oil output hit a record high in August, nearing 10 million barrels per day as Rosneft began production at a new giant field, while gas production recovered from its lows on improved demand, according to Energy Ministry data released Wednesday.

August oil output rose to 9.97 million bpd, up 0.6 percent from 9.91 million bpd in July and 1.5 percent higher than 9.82 million bpd in August 2008.

The increase came after state-run Rosneft launched Vankor, a major new field in the Arctic. The Energy Ministry's figures showed Rosneft's oil output in August rose to 2.39 million bpd, up by 5.5 percent or 123,700 bpd from July.

The Vankor field will supply Rosneft with 25.5 million tons of oil, or 510,000 bpd, when it reaches peak production in 2014. This is equivalent to nearly one-quarter of the company's output last year.

LUKoil, the country's second-largest oil company, produced 1.86 million bpd of crude, up by 0.2 percent versus July, while TNK-BP's oil production rose by 2.2 percent month on month.

August oil production by No. 4 producer Surgutneftegaz fell by 3.1 percent, compared with July.

Natural gas production, which had dropped since the beginning of 2009 as demand plunged in Europe and at home, rose 4.7 percent from July to 1.40 billion cubic meters per day, the ministry figures showed. Production was still 10 percent lower than in August 2008.

Export monopoly Gazprom increased production to 1.08 bcm per day, up 4.3 percent from 1.04 bcm per day in July.