Russian oil output hit record high in 2018

Russian oil production rose to its highest rate on record in 2018, breaking records set by the country just a year earlier.

Reuters reports that oil production by Russian companies grew to an average rate of 11.16 million barrels per day last year, an increase from 10.98 million barrels per day in 2017.

ADVERTISEMENT

The increases in production occurred among every major Russian oil company, according to Reuters, which noted that the rise in global oil production has been tied to a more than 20 percent decrease in oil prices worldwide last year.

Russian oil exports also increased in December, according to the news service, which reported that the country's pipeline exports increased to 4.496 million barrels per day on average in December from 4.297 million the month before.

Much of that global production surge came from the U.S., which in 2018 became the world's leading crude oil producer. In 2018, the U.S. pumped an average of 11.6 million barrels per day.

Despite Russia's surging production in 2018, the country's efforts are likely to decrease in 2019 due to a pledge Russia's government signed with the Organization of the Petroleum Exporting Countries (OPEC) last month to cut production in an attempt to boost oil prices.

Efforts to increase oil prices are opposed by the Trump administration, which had urged Russia and OPEC to avoid such arrangement.

“Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” President TrumpDonald John TrumpTrump rails against impeachment in speech to Texas farmers Trump administration planning to crack down on 'birth tourism': report George Conway on Trump adding Dershowitz, Starr to legal team: 'Hard to see how either could help' MORE tweeted in December ahead of Russia and OPEC's announcement.