Russian High Oil Production Supports Global Oversupply

Posted: 11/06/2014 03:11:21   Hits: 895
Relevant data showed that Russian oil and gas production did not be affected by sanctions of the Western, supporting global oversupply and making oil price continue bearing pressure.
Commerzbank claimed that Russian constant high oil production was one of the factors which result in oversupply in global oil market.
The report of Commerzbank claimed that according to the data published by The Ministry of Energy of the Russian Federation, in October, Russian daily crude and gas condensate production was 10.6 million barrels which was slightly less than production in September and the highest production after Soviet Union breaking up.
Last Friday, Abdalla Salem El-Badri, the Secretary of OPEC expressed that the production of every member in 2015 was close to production in this year.  
Analysts of Morgan Stanley claim that if production will not be reduced in November, it does not mean that production reduction will not occur in 2015. Moreover, possibility of enhancing quotas still exits in. Analysts claim that production maybe reduced definitely by the end of this year. 
Russian High Oil Production Supports Global Oversupply
NO.2013 Valves catalog download
View and download valve product literature, sales brochures and more.
News & Events
2017 China (Zhengzhou) International Water Equipment and Technology Exposition
Event: 2017 China (Zhengzhou) International Water Equipment and Technology Exposition Venue: Central China International Expo Center (No.210, Zheng Bian Road, Zhengzhou City, Henan Province) Date: 201...
Comparisons of Pneumatic Ball Valves and Electric Ball Valves
(1) Pneumatic ball valves The pneumatic ball valve consists of the ball valve and the pneumatic actuator. It generally needs to be used in conjunction with accessories including the magnetic valve, ai...
Usage of Valve Standards in China
Valve products have been widely applied in petroleum, chemical engineering, nuclear power, metallurgy, electric power, hydraulic power, large coal chemical industry and other industries. Total quantit...
Innovation, the Future Trend for Pneumatic Control Valve
Pneumatic control valve plays a vital role in automatic control system of modern factory. The competition is quite intense in pneumatic valve industry in China. The future development trend of pneumat...