Russia keeps expanding oil production despite low oil prices

Rosneft petrol station (photo Rosneft)

Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices, reports the US Energy Information Administration (EIA). However, whereas western oil companies have slashed their spending, Russian oil and natural gas companies’ capital investment programs have been less affected, if at all. As a result, Russian oil production has hit a post-Soviet record high. Article courtesy of US EIA. … [Read more...]