Prime Minister Putin Primes the Pump

On June 11, the International Energy Agency announced that Russia’s oil production had hit 9.5 million barrels per day in the first quarter, edging past Saudi Arabia’s 9.2 million to make the country the global King of Crude. But few in Russia are cheering because that new crown is already wobbling. After climbing for years, Russia’s output has begun to drop: It was down by 0.7% in April. The problem is so serious that the new Prime Minister, former President Vladimir Putin, has said the issue is his first priority.

Businessweek