SOVIETS' FIRST QUARTER OIL PRODUCTION HITS 15 YEAR LOW

The Soviet Union's oil production during first quarter 1991 plunged to a 15 year low, with the decline gaining speed in early spring. Official reports say Soviet crude/condensate flow last January-March was off 9% from first quarter 1990. For March alone, Soviet oil production dove 10%. Meanwhile, the U.S.S.R.'s coal production, plagued by widespread strikes, skidded 11% from first quarter 1990.

April 29, 1991

2 min read

The Soviet Union's oil production during first quarter 1991 plunged to a 15 year low, with the decline gaining speed in early spring.

Official reports say Soviet crude/condensate flow last January-March was off 9% from first quarter 1990. For March alone, Soviet oil production dove 10%.

Meanwhile, the U.S.S.R.'s coal production, plagued by widespread strikes, skidded 11% from first quarter 1990.

Natural gas flow recorded by far the smallest increase since the end of World War 11, rising only 0.3% last January-March to about 5 tcf. Electrical power generation grew 1% but was unable to meet industrial and civilian demand in many areas during the past winter.

Moscow's announcement of first quarter economic results disclosed only percentage changes from first quarter 1990.

However, first quarter 1990 Soviet crude/condensate flow was specifically pegged at close to 11.76 million b/d. So a 9% slide would indicate January-March production this year fell to an average of about 10.7 million b/d.

That is well below the U.S.S.R.'s average 1977 crude/condensate flow of 10.92 million b/d. A drop of 10% in March would mean a further decline in Soviet oil production to about 10.65 million b/d for the month.