Russia Ranks Second in World Oil Production in 2018
In December 2018, the average level of oil production in Russia was 10.738 million barrels per day. The organization noted that this is historically the highest level of production for Russia. As a result, it allowed Russia to overtake Saudi Arabia, where the level of production, on the contrary, fell by 4.06% to 10.643 million barrels per day.
Thus, Russia came in second place, first is the United States. In the US in December, an average of 11,658 million barrels were produced. per day. Oil production in the US also decreased by 0.3%. In fourth place in terms of production is Iraq (4,365 million barrels.), the fifth — Canada (3,520 million barrels.).
Data on the export of crude oil by Russia for December 2018 in the materials of the organization are not available. In the first place in terms of exports is Saudi Arabia (7,687 million barrels. per day), the second — Iraq (4,143 million barrels). However, in November 2018, Russia exported 5,615 million barrels per day. If we take into account these data, Russia ranks second in terms of exports. The third place in this list is Canada, the fourth-the United States (fourth and fifth place, taking into account data for Russia in November).
The five largest oil importers in December 2018 included the United States, South Korea, Japan, Germany and Italy.
In 2018, Russia produced 556 million tons of oil, which is 10 million tons, or 1.6% more than in 2017, said the Head of the Ministry of Energy Alexander Novak at a meeting with President Vladimir Putin. "The gas industry also broke the 18-year record for production-725 billion cubic meters of gas produced. This is approximately a 5 percent increase by 2017, " the Minister added.
On February 12, energy Minister Alexander Novak said that Russia plans to reduce oil production. According to the head of the Ministry of energy, such measures are being taken to as soon as possible to reach the indicators of the organization of oil exporting countries (OPEC+) to reduce production.