Russia has become the largest oil producer in the world
In May Russia became the first on the volume of oil production in the world having left Saudi Arabia behind. In May 45.288 mln tons of oil were produced, by 1.6% more than in May 2014.
The average daily production in May made up 10.708 mln barrels. Anyway the volume of oil production in Russia in May stayed lower than the post-Soviet record of 10.713 mln barrels a day set in Jan 2015. Saudi Arabia, the 2nd largest oil producer in the world and the largest in OPEC extracted on average 10.25 mln barrels a day in May.
“The extraction in Russia stayed quite stable to the price fall. Russia will not have problems with keeping the extraction rate in the coming 1-2 years”, the expert of the Oxford Institution of Energy Research, J. Henderson specializing in the Russian oil sector said.
