Monday, Sept 7th, 2009
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.
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 per cent.
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 renationalised and modernised much of its industry and that policy now appears to be paying off.
This article was posted: Monday, September 7, 2009 at 4:49 am