According to statistics released in May, Russia passed Arabia on oil production. Russia produced 10.6% of daily oil production from January to May.
The developments related to oil production left Arabia's oil production giant title behind. Saudi Arabia, which has been successful in oil production for the past year, left its place in Russia. According to May statistics, Russia produced 10.6 million barrels of oil per day.
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In line with the data issued by the Russian Federal Statistical Service (Rosstat), Russia has overtaken the production of 10.6 million barrels and 9.99 million barrels of Saudi Arabia. The Organization of Petroleum Exporting Countries (OPEC) produced 31.9 million barrels of oil per day in May. Russia's contribution to oil exports was 28% between January and May, and the export price for May was $ 508 per ton.
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On June 23, at a meeting in Vienna, OPEC's agreement on a production shortage, countries decided to increase the daily supply of oil by 1 million barrels. According to this agreement, Russia's daily production is expected to increase by 200 thousand barrels.