Russian pipeline oil exports climbed to a new all-time high in August while oil output by the world's second largest oil exporter hit a new post-Soviet peak, Russian Energy Ministry data showed yesterday. August oil exports through the state pipeline monopoly Transneft rose by 100,000 barrels per day from the previous month to 3.58 million bpd, while output rose to 8.6 million bpd compared with 8.5 million bpd in July.

Industry sources said the boost was mainly due to bigger shipments through the country's main Black Sea ports, which enjoyed favourable weather in August. They said exports were likely to remain steady until winter storms begin in October and November.

The news came as a top-level delegation from OPEC heavyweight Saudi Arabia prepared to start talks in Moscow to sign the first ever bilateral energy cooperation deal.

Saudi oil minister Ali al-Naimi is due to meet his Russian counterpart Igor Yusufov to discuss whether Russia would join any future move by the Organisation of the Petroleum Exporting Countries to cut production if oil prices fall from their current peaks.

"This data is another expected but still unpleasant surprise from Russia, which shows that it keeps biting into Opec's market share at the time when the cartel's output remains flat," said a Moscow-based senior oil trader with a Western oil major.

Russia is heavily dependent on oil export revenues and its private oil majors have boosted investments in oil production over the last five years thanks to high oil prices.

Russian oil output rose by 11 per cent in August compared to the same month last year, while exports rose by 15 per cent. Russian oil output has risen by nearly 50 per cent over the last five years.