The activities for extracting oil from Russia increased by 23% this year, and production reached a post-Soviet record high in March of 10,71 million barrels per day, taking advantage of the low cost producers due to the collapse of the ruble, according to estimates of the Sberbank analysts, headlines Mediafax.

“Oil companies have benefited from the relatively low level of prices paid to suppliers of services and the reduction of export taxes provided new incentives” showed the Russian bank analysts, quoted by Bloomberg.

Russian oil production growth took place in the context of the declining Brent oil prices, the reference to the London Stock Exchange, which is less than half of the record level achieved in 2014. Brent oil price is declining at the London Stock Exchange 3,7%, at $ 54.95 per barrel, while WTI oil quotation from the New York Stock Exchange benchmark is down 1.9% at $ 49.1 per barrel during electronic transactions.

According to the tax system in Russia, the state covers most of the risks of price fluctuations, while the collapse of the currency favors exporters who earn in dollars but pay services in rubles.

Company Surgutneftegas increased drilling volume by 9%, Rosneft by 30% and Başneft by 160%. Gazprom oil production increased even if the amount extracted was lower, due to the use of new more efficient processing technologies.