Moscow: Russia’s oil output set a new post-Soviet era record high in October, rising 0.1 per cent from September to 11.2 million barrels per day (bpd), energy ministry data showed on Wednesday.

The rise underscores the difficulty the government could have in freezing output levels as part of a global pact with other top producers in order to support oil prices.

Oil and gas sales account for more than a third of Russia’s state budget revenues, down from half in 2014 reflecting a fall to below $50 per barrel (Dh183.50) from $115.

In tonnes, Russia’s oil output in October rose to 47.386 million from 45.483 million in September.

Supply from the Organisation of the Petroleum Exporting Countries also rose to a record level in October as Nigerian and Libyan output partially recovered from disruptions and Iraq boosted exports.

Ministry data showed Rosneft increased production by 0.1 per cent, Lukoil’s output rose by 0.9 per cent, and Surgutneftegaz cut production by 0.3 per cent.

The rise in Russian crude output has been supported by an increase in drilling as companies capitalise on a weaker rouble.

“The pace of the growth in drilling has been maintained, at 16 per cent for the nine months of the year, while Rosneft cranked up drilling at Samotlor oilfield by 40 per cent and by 67 per cent at Yugansk,” said Valery Nesterov, analyst at Sberbank CIB.

“We see that the energy ministry is in a predicament while holding the talks about the [output level] freeze.”

New fields

He added that the quality of the drilling, such as horizontal drilling, has also improved.

The ministry expects a rise in oil output in 2017 to 548 million tonnes, or 11 million barrels per day, due to new fields coming on-stream.

Nesterov said that Russia has potential for growth to 2019, when a peak of 570-575 million tonnes could be reached thanks to investments made before sanctions introduced by the West against Moscow for its role in the Ukrainian crisis in 2014.

The measures virtually bar Russian oil producers from raising capital on the Western debt market.

This week, Russia’s No 2 oil producer Lukoil launched the Filanovsky offshore oilfield in the Caspian Sea, the second major oilfield opened by Russia in a week and the fourth this year.

Natural gas production in Russia rose to 61.07 billion cubic metres (bcm) or 1.97 bcm per day in October from 51.33 bcm in September.