Russian Oil Output Jumps In May

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Russia, the world's largest oil producer, said its oil output rose 1.2% last month to 10.26 million barrels a day compared with 10.23 million barrels per day in April. The May number is the highest for Russia since October 2010.

Prime Minister Vladimir Putin has been urging Russian oil producers to maintain combined output of at least 10 million barrels per day to take advantage of high oil prices. Russia has been able achieve that level every month since September 2009, according to Bloomberg News.

In October 2010, Russia produced 10.27 million barrels per day, a post-Soviet era record. Gains by state-run OAO Gazprom, OAO Rosneft, the country's largest producer, and OAO Bashneft helped boost May's output, Bloomberg reported. The country's natural gas output dipped to 1.86 billion cubic meters in May from 1.91 billion cubic meters in April.

Russia's oil production peaked at 11.44 million barrels per day in 1988, according to the International Energy Agency.