Russian output at record levels
Russian oil output has reached record levels, helped by improved exports to China.
The latest figures, released at the start of the New Year, show the country's oil output at 10.27mb/d, the highest post-Soviet figure on record and one which keeps Russia at the top of the league of the world's top oil producers.
Although growth of 1.2% in output was flatter than the 2.2% increase of 2010, it was still high enough to beat the previous volume record. Much of this was due to the 300,000 b/d output of Rosneft's Vankor oilfield which is set to be the main supplier of exported oil to China.
The Vankor field feeds the East Siberia - Pacific Ocean (ESPO) pipeline which provides Russian crude directly to Daqing. Further improvements to the link in 2012 will also boost exports via the ports of Kozmino and Ust-Luga, with Russia earmarking a relatively unchanged 250m tonnes of oil for overseas customers, just over half of its annual output.
