Russia’s oil output

MOSCOW: Russia pumped a record 534 million tonnes of crude oil in 2015 even as it reeled from a fall in oil prices caused by a supply glut, energy ministry data showed on Saturday. The country’s oil and gas condensate production last year increased 1.4 per cent year-on-year, with output reaching 10.73 million barrels per day, a post-Soviet record, according to data cited by Interfax news agency. The slide in oil prices and western sanctions over Moscow’s role in the Ukraine crisis have pummelled the oil-dependent Russian economy in recent months. The rouble lost around half of its value in 2014 but recovered slightly as energy prices stabilised last year. But the recent renewed slump in oil prices — with Brent crude falling to an 11-year low last month — casts a shadow on the prospect of economic recovery.