Russia's oil production plummeted again during first quarter 1992.
Petroleum exports also fell steeply.
Official figures disclosed by the Russian Federation's State Statistical Committee show that crude and condensate flow during January-March was down 13% from the same 1991 period. Russia's daily oil production was off more than 14% to about 8.3 million b/d when adjusted for the additional leap year day in February.
Last year, the Russian Federation's crude and condensate production averaged about 9.22 million b/d, nearly 90% of the 10.29 million b/d total for the new Commonwealth of Independent States (C.I.S.). Assuming Russia's share of overall C.I.S. oil flow did not change significantly, the commonwealth's first quarter 1992 production was less than 9.4 million b/d.
Indications are that the decline in Russian and C.I.S. oil flow continued during March. Commonwealth production for the month apparently skidded to about 9.2 million b/d, preliminary data show, while the Russian Federation likely produced no more than 8.2 million b/d.
Russia's statistical committee said the main reason for the republic's first quarter 1992 oil flow decline was that the Moscow-imposed ceiling on crude prices did not permit production associations to earn enough revenue to buy required materials and equipment, much of which was allowed to be sold at free market prices.
OTHER FUELS, EXPORTS
Russian production of other major fuels also declined during the first 3 months of this year.
Gas flow was slightly less than 5.9 tcf, about level with first quarter 1991 but down slightly on a daily basis considering the leap year factor. Russian coal production fell 1%.
Electrical power generation dropped 2%. But reduced domestic demand resulting from mild winter weather and a sharp decline in industrial production moderated regional shortages.
Fuel and energy exports, which account for more than half of Russia's total foreign sales revenue, slumped badly in first quarter 1992.
Russian crude exports were 12.7 million metric tons (1.2 million b/d). That's down 16% from the same 1991 period.
Foreign sales of refined products dropped 50% despite reduced domestic consumption. Natural gas exports were about 784 bcf, 2% less than in first quarter 1991.
Official data show that the drop in fuel and energy exports during January-March reduced Russia's total foreign trade revenues by $700 million. This was a major factor in turning Russia's favorable first quarter 1991 trade balance of $1.55 billion into a trade deficit of $2.25 billion during the same period this year.
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