Russian Oil

The world’s largest oil producers are Saudi Arabia and Russia. The daily output of Saudi Arabia is 9.5 million barrels. From time to time, the Saudis exceed this. The average daily output of Russia, the second largest producer, is 9.3 million barrels. Russia also sometimes exceeds this average, and in recent years, it has even surpassed Saudi Arabia’s daily production.

Last month, Russia broke its own record with an average daily output of 9.43 million barrels. This amounts to a daily increase of 100,000 barrels in comparison to May’s output. Part of this increase can be accounted for by the appeal to provide favorable seasonal conditions. However, a major part of this increase is due to the fact that consortiums established by Russian oil companies with foreign partners, have hit snags recently.