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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Russian October oil output highest in year Reuters - Tuesday, November 4 MOSCOW, Nov 3 - Russian oil production in October rose to its highest in 2008, to 9.86 million barrels per day , data supplied by Russia's Energy Ministry showed on Monday. Oil exports from Russia via pipeline monopoly Transneft <TRNF_p.RTS> stood at 4.21 million bpd, slightly up from September, when they were 4.13 million bpd. Production in September stood at 9.83 million bpd. On Saturday the Russian government cut oil export duties, responding to the concerns of top producers who feared making losses on overseas shipments as Russia faces a decline in annual production for the first time in a decade. However, the cut in the duty -- set at $287 per tonne from Nov. 1, down from $372.20 -- was far less than oil companies had wanted and it remained unclear if they would proceed with November export plans or redirect their oil to the domestic market to avoid the duty. The government had already offered a series of tax breaks for new and depleted fields but oil majors said more incentives were needed to revive the growth which drove output to almost 10 million bpd from just 6 million bpd at the start of the decade. World number two exporter Russia, alarmed by falling prices, has said it would not join OPEC oil producers' efforts to regulate prices by cutting production, but has said it would like closer ties with OPEC and more influence on prices. OPEC decided late last month to cut around 5 percent of world oil supply to put a floor under prices. The cut has had a limited impact as concerns about global recession continued to exert pressure on prices. For Russian energy news, double click on [RU-O] For key Russian statistical oil reports [O/RUS1] For key Russian oil data <OILSTAT/RU> For a diary of CIS refinery maintenance [REF/CIS] For Russian cash crude prices <URL-E> <URL-NWE-E> For Russian and global products prices <PRODUCT/1> For Russian oil news [RON] Russia country guide <RUSSIA> Global energy guide <ENERGY> Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Russian October oil output highest in yearReuters - Tuesday, November 4 Russia cuts oil duty but exporters disappointedReuters - Sunday, November 2 Libyan leader seeks energy deals with RussiaReuters - Sunday, November 2 Nippon Mining slashes profit f'cast on oil slideReuters - Saturday, November 1 Related Articles: Business Seoul shares open higher; banks, airlines riseReuters - 51 minutes ago WRAPUP 3-US auto sales hit 25-yr low, Europe outlook bleakReuters - 51 minutes ago China's Baosteel to trim output in Dec -paperReuters - 52 minutes ago Nikkei rises 1.5 pct as exporters gainReuters - 54 minutes ago CORRECTED - Rio Tinto sees no cuts in Africa exploring, budgetReuters - 1 hour 1 minute ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Foods to prevent disease? Obama in command on eve of US vote Hamilton pips Massa to Formula One title in tense Brazil finale Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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