Russian Oil Production Overtakes Saudi Arabia

Russia is extracting more oil than Saudi Arabia, making it the biggest producer of “black gold” in the world, figures show.

The statistics, from the oil cartel Opec, reflect a trend that has seen the Russians periodically surpass the Saudis as the world’s biggest oil producers on and off since 2002.

These latest figures are being hailed in Russia as evidence that such periodic production spikes are not one-offs though and that Moscow really does have a right to lay claim to the No 1 spot.

According to Opec, Russia extracted 9.236 million barrels of oil a day in June, 46,000 more than Saudi Arabia.

Market Oracle