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Bank Rossii Eases Further As Russia's Economy Contracts At A Record Rate

The ECB's Balance Sheet At A Glance.

Monday, June 2, 2008

Russia Oil Output May 2008

Russia, the world's second-largest oil supplier, produced 0.8 percent less crude in May than in the same month last year, bringing the country closer to the first annual drop in oil output in a decade. Exports also fell.

Production slid to 9.74 million barrels a day (41.2 million metric tons a month) from 9.82 million barrels a day a year earlier, according to data released today by CDU TEK, the Energy Ministry's dispatch center. Output rose 0.2 percent from April.

Total exports fell to 5.52 million barrels a day, 4.6 percent less than in May last year and 1.6 percent less than in April this year.

Exports through OAO Transneft, the state oil-pipeline operator, fell 2.4 percent from a year earlier and 1.3 percent from a month ago to 4.46 million barrels a day.

Production declines continued at OAO Lukoil, Russia's largest independent producer, and Exxon Mobil Corp.'s Sakhalin-1 project. BP Plc's Russian venture TNK-BP, OAO Surgutneftegaz and state- controlled OAO Gazprom Neft boosted output compared with April, while failing to pump the same amount as last year.

Russian offshore production has faltered this year after compensating last year for a drop at onshore fields. Sakhalin-1 pumped 217,100 barrels a day in May, 13 percent less than last year and 2.2 percent less than a month ago.

Lukoil produced 1.77 million barrels a day, down 3 percent from last year, which may threaten to undermine its plan to boost output 1.5 percent this year.

State-run OAO Rosneft, which boosted output by about a third after buying bankrupt OAO Yukos Oil Co.'s assets last year, produced 2.27 million barrels of oil, 0.6 percent less than in April.

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