King and Crown Prince offer condolence to Iranian president over the deadly port explosion    stc reports strong first-quarter 2025 results with 11% rise in net profit    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Mahmoud Abbas appoints Hussein Al-Sheikh as PLO vice president in key succession move    Saudi Arabia's entertainment sector attracts 76 million visitors in 2024    Third round of US-Iran nuclear talks concludes with cautious optimism    Multiple casualties reported after vehicle drives into crowd at Vancouver street festival    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi Arabia offers condolences to Iran following deadly Bandar Abbas port explosion    Saudi Arabia deports 12,866 illegal residents in a week    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Non-Opec production dips
Published in The Saudi Gazette on 03 - 10 - 2009

Global oil supplies fell by almost 400,000 b/d in August to 84.9m b/d, according to the IEA.
Non-Opec production was responsible for the dip, falling by 450,000 b/d, although a rise of 55,000 b/d in Opec output, to 28.81m b/d, partially offset this. August production was 1.25m b/d lower than in August 2008.
The IEA still expects non-Opec output to grow in 2010, from 51m b/d to 51.5m b/d, largely because of increases from Russia, China and the US.
Higher crude oil prices, optimism about the outlook for the global economy and indications of falling upstream costs are all encouraging developers in non-Opec producing countries, the IEA said.
Total oil demand in 2009 and 2010 will be 84.4m b/d and 85.7m b/d, respectively - for both years a 0.5m b/d increase over the previous IEA forecast.
However, Russia's monthly oil production exceeded 10 million barrels per day in September for the first time.
Russia, now the world's largest oil producer, pumped 10.01 million barrels per day last month, up 0.4 percent from the 9.97 million bpd produced in August, which was also a record high at the time, Energy Ministry data released on Friday showed.
Russian production has recovered in 2009 after suffering its first drop in a decade last year. The latest spike in output follows the August launch by state-controlled industry leader Rosneft of its massive Vankor operation in the Arctic.
But analysts said Russia's position as top producer might be temporary, as mature deposits in western Siberia run dry quicker than the country's oil majors can replace them with new finds. “The pick-up seen today is the result of prior years' investment,” said Chirvani Abdoullaev, senior oil and gas analyst at Alfa-Bank. “It's only sustainable until new fields reach a plateau.”
Russia has emerged as the undisputed leader in world oil production this year after the Organization of the Petroleum Exporting Countries agreed to cut supply by 4.2 million bpd from September 2008 in a bid to prop up falling oil prices.
OPEC has kept official output targets unchanged at meetings since, most recently on Sept. 9. Oil prices have risen over 50 percent this year to trade just shy of $70 a barrel.
Russia's oil-heavy economy, in its first recession for a decade, has benefited from the recovery in prices. The country has grabbed market share from OPEC and analysts have estimated Moscow has gained over $20 billion from the grouping's cuts.
President Dmitry Medvedev said on Thursday that $80 to $90 a barrel would be a fair price for oil in the current economic climate. Crude traded at a record $147.27 a barrel in July 2008.
“Russia has no interest in an endlessly high oil price. If it were to cost that much, we'd never change the structure of our economy,” Medvedev said at a meeting on the farm industry. “We haven't done anything in the last 10 years because oil kept rushing higher and higher,” he said. “When the collapse came, we felt it harder than other countries.”
Before this August, Russia's previous monthly record for oil production was the 9.93 million bpd achieved in October 2007.
Rosneft led September's record haul, producing 2.40 million bpd, up from 2.39 million bpd in August. LUKOIL, its closest peer, produced 1.84 million bpd, ministry data showed. Production sharing pacts, involving international energy majors such as ExxonMobil Corp and Royal Dutch Shell, also raised output by 8.6 percent to 283,329 bpd.
Russian production has been boosted by the launch of Vankor and several other new fields, including LUKOIL's South Khlychuyu deposit and the Uvat, Kammenoye and Verkhnechonskoye fields owned by No. 3 Russian oil producer, TNK-BP.
Vankor is expected to pump 220,000 barrels per day by the end of this year, rising to 510,000 bpd when production peaks in 2014.
Russia, however, faces a major challenge sustaining output growth. Its main producers are lobbying for tax breaks they say will make investment in remote deposits viable.
“We still have a problem in mature producing regions like West Siberia, where investing in upstream projects is not commercially viable unless we see more changes in the taxation regime,” Abdoullaev said.
Russia, the world's largest gas producer produced 1.52 billion cubic meters (bcm) per day last month, up 8.6 percent from August, the Energy Ministry data showed.


Clic here to read the story from its source.