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Russia Oil Output Rises to New Record High in 2015

© Sputnik / Iliya Pitalev / Go to the photo bankStaff worker of Lukoil company at a pumping cluster in the Pokachi city area of Russia's Khanty-Mansiysk Autonomous Okrug
Staff worker of Lukoil company at a pumping cluster in the Pokachi city area of Russia's Khanty-Mansiysk Autonomous Okrug - Sputnik International
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Russia's oil production reached a record 534.081 million metric tons in 2015, media reports said.

People walks in front of the Lukoil Neftochim Headquarters in Sofia on July 27, 2011 - Sputnik International
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In 2015, Russia's oil output amounted to a record 534.081 million metric tons, 40 percent higher than in 2014, according to media reports.

Russia's oil exports to non-CIS countries increased by 10.6 percent and reached 220.267 million tons, sources said.

Rosneft remains the country's largest oil company; it produced more than 189 million metric tons of oil last year. Coming on Rosneft's heels are Lukoil and Surgutneftegas, with oil output standing at over 85 million metric tons and 61 million metric tons, respectively.

In late December, Russian Energy Minister Alexander Novak laid the drop in oil prices at Saudi Arabia's feet. According to Novak, Saudi Arabia increased oil production by 1.5 million barrels per day in 2015.

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At the end of 2015, world oil prices dropped to their 2008 level, and at the December 31 trading session crude was worth 37.61 dollars per barrel.

Russia Deputy Prime Minister Arkady Dvorkovich, for his part, said that he does not believe oil prices will plummet to 25 dollars per barrel. At the same time, he added that the period of such low prices "cannot last too long."

When hammered out, Russia's budget for 2016 stipulated global oil prices would be about 50 dollars per barrel.

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