According to OPEC, in June 2006 Russia extracted 9.236 million barrels of oil, which is 46,000 barrels more than Saudi Arabia. The statistics also showed that Russian production in the first half of this year increased to 235.8 million tons, a year-on-year improvement of 2.3 percent.
Traditionally, Saudi Arabia has been regarded as the world’s undisputed primary source of oil and Russia has had to settle for second place. But in recent years Russia has re-nationalized and modernized much of its industry and that policy now appears to be paying off.
Thursday, August 24, 2006
Russia Overtakes Saudia Arabia
As Number One oil producer, according to The Moscow News:
